Problema Solution
the tough and tender beef restaurant marks up all dinners 22% on selling price. If the markup on pot roast is $2.629, what is the menu price?
Answer provided by our tutors
let
s = sale price or the menu price
c = cost price
Percentage Markup = (Sale price / Cost) − 1
0.22 = (Sale price / Cost) − 1
(s/c) - 1 = 0.22
Fixed Markup
Markup = Sale price − Cost
Sale price − Cost = 2.629
s - c = 2.629 => s = c + 2.629 and plug in (s/c) - 1 = 0.22
we have
(c + 2.629)/c - 1 = 0.22
by solving we find
c = $11.95 is the cost price
click here to see the step by step solution of the equation
s = c + 2.629 = 11.95 + 2.629 = $14.579
s = $14.579 is the sale price or the menu price.