Question

A music store marks up the instrument it sells by 30% if the price tag on a trumpet say $104, How much did the store pay for it?Round your answer to the nearest hundredth (second) decimal place.

Answer 1

Let:

$Mark_{\text{ }}up_{\text{ }}Percentage=\frac{Store_{\text{ }}price-Actual_{\text{ }}price}{Actual_{\text{ }}price}\times100$

The store sells the instrument by 30% and the price tag says $104, so:

$\begin{gathered} Mark_{\text{ }}up_{\text{ }}Percentage=30 \\ Store_{\text{ }}price=104 \\ so\colon \\ 30=\frac{104-Actual_{\text{ }}price}{Actual_{\text{ }}price}\times100 \\ 130(Actual_{\text{ }}price)=10400 \\ Actual_{\text{ }}price=\frac{10400}{130} \\ Actual_{\text{ }}price=80 \end{gathered}$