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Popular Word Problems >

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

A d i s t r ib u t or se ll s a p ro d u c t f or 62 t o hi s c u s t o m ers in w hi c h hi s ma r k - u p r a t e i s 5%. Wha t i s t h e cos t o f t h e p ro d u c t ? B e s u re t o ro u n d yo u r an s w er t o t h e n e a res t ce n t .

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

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