An Apple iPad sells for $699.00 on eBay. The markup is 30% on cost. What is the total cost of the iPad sold on eBay?
A)$537.69
B)$489.30
C)$908.70
D)490.00
E)None of these

Question

Quizplus · Accepted Answer

The selling price is $699.00 with a markup of 30% on cost. To find the cost, we use the formula: Selling Price = Cost + (Markup Percentage * Cost). Rearranging to solve for Cost gives us Cost = Selling Price / (1 + Markup Percentage). Plugging in the numbers: Cost = $699 / (1 + 0.30) = $699 / 1.30 = $537.69.

An Apple IPad Sells for $699