An Apple iPod sells for $299, which is marked up 40% of the selling price. The cost of the iPod is:
A)$197.40
B)$179.40
C)$149.70
D)$194.70
E)None of these

Question

Quizplus · Accepted Answer

Since the iPod is marked up 40% from the selling price, the selling price is 100% + 40% = 140% of the cost.
Let C be the cost of the iPod. Then, we have:
Selling price = 140% of C 
$299 = 1.4C 
C = $299/1.4 = $213.57
Therefore, the cost of the iPod is $213.57, closest to answer choice B: $179.40.

An Apple IPod Sells for $299, Which Is Marked Up