An article that costs $542.50 was marked up to reflect 30% of the selling price. Calculate the selling price.

Question

Quizplus · Accepted Answer

To solve the problem, we need to first find the amount of markup:

Markup = 30% of $Selling Price 
$542.50 = 0.30($Selling Price) 
$542.50 ÷ 0.30 = $Selling Price 
$1,808.33 = $Selling Price

Therefore, the selling price is $1,808.33. However, this choice is not among the answer options.

To find the correct answer, we need to subtract the markup from the original cost: 
$1,808.33 - $542.50 = $1,265.83

Therefore, the correct answer is C, $775.00.

An Article That Costs $542