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price plus a markup

by sanju09 » Fri Apr 10, 2009 5:38 am
A furniture dealer purchased a desk for $150 and then set the selling price equal to the purchase price plus a markup that was 40 percent of the selling price. If the dealer sold the desk at the selling price, what were the amount of the dealer's gross profit from the purchase and the sale of the desk?
A. $40
B. $60
C. $80
D. $90
E. $100



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by dmateer25 » Fri Apr 10, 2009 5:49 am
Selling Price = x

Selling price = 150 + .40(Selling Price)

X = 150 + .4x

.6x = 150
x = 250

Gross Profit = Selling Price - Purchase Price

Gross Profit = 250 - 150 = 100

E
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