Question

A store makes a profit of $24 after a markup of 30%. What is the selling price of the shoes? (Round to the nearest cent)

Answer 1

$104

Explanation:

Let cost be x

Selling price = cost + profit

24/x × 100 = 30

x = 80

Selling price = cost + profit

= 80 + 24

= 104

Answer 2

104

Explanation:

selling price = original price + markup

Profit = selling price - original price

markup = original price * markup percent

We notice the markup is the profit

Substitute in what we know

24 = original price * .30

Divide each side by .30

24/.30 = original price * .30/.30

80 = original price

But we want the selling price

selling price = original price + markup

=80+24

= 104