Question

A Sony LCD TV has a selling price of $925 and a 62% markup on selling price. What is the dollar markup and what is the cost?

Answer 1

Selling price = $ 925

Mark percentage = 62%

`\begin{gathered} \text{Let's x represent Cost price i.e C. P=x} \\ \text{Selling price =C P +profit} \\ Profit\text{ =}\frac{\text{62x}}{100} \\ \\ S\text{. P =x+}\frac{\text{62x}}{100} \\ S\text{. P=x+0.62x} \\ S\mathrm{}P=1.62x \\ \therefore1.62x=925 \\ \end{gathered}`
`\begin{gathered} \therefore1.62x=925 \\ \text{Divide both sides by 1.62} \\ \therefore(1.62x)/(1.62)=(925)/(1.62) \\ \\ x=570.99 \end{gathered}`

The cost price is 570.