[tex]\sf{\underline{{Problem:}}}[/tex]
Find the cost of a jacket which has been marked up of P300 and has a markup rate of 80%.
[tex]\sf{\underline{{Answer:}}}[/tex]
'Markup is the difference between a product's selling price and cost as a percentage of the cost so in order to solve the problem we'll use the formula of "Markup% = (price - cost)/cost"
- [tex] \rm{80 \:or \:0.8=\frac{ (300\: - \:cost) }{cost}}[/tex]
- [tex] \rm{0.8 = 300 - \frac{cost}{cost}}[/tex]
- [tex] \text{0.8 × cost = 300 - cost}[/tex]
- [tex] \text{0.8 cost = 300 - cost}[/tex]
- [tex] \text{1.8 cost = 300}[/tex]
- [tex] \rm{Cost = \frac{300}{1.8}}[/tex]
- [tex] {\underline{\text\green{Cost = 166.667}}}[/tex]
Hence, Php 166.667 is the cost of the jacket.
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