Problem-Solving and Data AnalysisHardPrice before a markup
Problem-Solving and Data Analysis practice question
A store marks up the wholesale cost of a jacket by 15% to get its selling price of $276. What was the wholesale cost, in dollars?
Answer: 240
1.15 × cost = 276, so cost = 276/1.15 = 240.
Common wrong answers
- If you answered 261
- 261 subtracts a flat 15 instead of a percentage.
- If you answered 234.6
- 234.60 takes 15% OFF 276 (276 × 0.85); the markup was added to the cost, not to the price.
- If you answered 317.4
- 317.40 adds 15% to 276, going the wrong direction.
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