Wayne's Pet Supplies sells dog food for $84.50 per 10-kg bag. The markup is 62% of cost. How much does the store pay for this bag of dog food?

Question

Quizplus · Accepted Answer

The store pays $52.16 for the bag of dog food. The selling price is $84.50, which includes a 62% markup on the cost. To find the cost (C), we use the formula: Selling Price = C + (Markup Percentage * C). Substituting the given values, $84.50 = C + (0.62 * C), which simplifies to $84.50 = 1.62C. Solving for C gives C = $84.50 / 1.62 = $52.16.

Wayne's Pet Supplies Sells Dog Food for $84