Question

I sell to my contractors with a 42% markup on cost. If my selling price for cabinets is $9,655, what is the cost to the contractors based on cost?

Answer 1

%change=100(final-initial)/initial

Since 42% is %change and final=$9655

100(9655-c)/c=42

100(9655-c)=42c

965500-100c=42c

965500=142c

c=965500/142

c=$6799.29 (to nearest cent downward)

check...

6799.30(100+42)/100=9655

6799.30(1.42)=9655

9654.006=9655

9655.006≈9655