A bike store marks up the wholesale cost of all bikes they sell by 30%. calvin wants to buy a bike that has a price log of 123.5
1 answer:
The wholesale cost of the bike is 95.
Wholesale price is the price charged for a product as sold in bulk to large trade or distributor groups as opposed to what is charged to consumers.
The selling price is how much a buyer pays for a product or service.
The profit formula is used to calculate the amount of gain that has been made in a transaction
Profit = Selling Price (S.P.) - Cost Price (C.P.)(here it is the wholesale price)
Given =
- Selling Price = 123.50
- Wholesale price = ?
- Profit = 30% of wholesale price
Substituting it in the profit formula we get
0.3 x wholesale price = 123.50 + wholesale price
1.3 x wholesale price = 123.50
Wholesale price = = 95
Thus the wholesale cost of the bike is 95.
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