Problem-Solving and Data AnalysisVery hardWorking back from a marked-up price
Problem-Solving and Data Analysis practice question
A shop adds a 20% markup to what it pays for each item. It sells a lamp for $240. How many dollars did the shop pay for the lamp?
Answer: 200
1.2 × cost = 240, so cost = 200.
Common wrong answers
- If you answered 192
- 192 subtracts 20% of 240.
- If you answered 220
- 220 subtracts 20 dollars.
- If you answered 288
- 288 adds 20% to 240.
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