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.

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

Popular Examples

2000 was deposited into an account with an APR of 4.3%. What is the balance after 5 year?9 less than nine times a number.The diameter of a circle is 10 in. Find its area in terms of pi 8 times a number plus 3 times the number is the same as 9 more than 12 times the number. find the number beth is 8 years older than her brother. next year she will be twice as old as her brother. how old is beth now?