Question

The store bought the bike at a wholesale price. The bike store marked up the wholesale cost of the bike by 60%. What was the wholesale cost of the bike if the store sold the bike to Andre for $160?

Answer 1

Answer: The wholesale cost of the bike = $100

Explanation:

Let x = wholesale cost of the bike

As per given,

Selling price = cost price + (Mark up percent) x ( cost price) (i)

Selling price of bike = $160

Mark up percent = 60% =0.60

Substitute values in (i) , we get

`160= x+0.6x\\\\\Rightarrow\ 160=1.6x\\\\\Rightarrow\ x=(160)/(1.6)\\\\\Rightarrow\ x= 100`

Hence, the wholesale cost of the bike = $100