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A distributor sells a product for 62 to his customers in which his mark-up rate is 5%. What is the cost of the product? Be sure to round your answer to the nearest cent.

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Solution

Solution

Amount before addition : 59.04761 \dots

Solution steps

Translate the problem into an equation:

62 = x + 0.05 x

62 = x + 0.05 x : x = \frac{1240}{21}

\frac{1240}{21} = 59.04761 \dots

Amount before addition : 59.04761 \dots

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