Question

Suppose a college bookstore buys a textbook from a publishing company and then marks up the price they paid for the book 33% and sells it to a student at the marked up price. If the student pays $115.00 for the textbook , what did the bookstore pay for it? Round your answer to the nearest cent

Answer 1

Let the original price of the book be x. If, after a 33% markup on the initial price, the student had to pay 115.00 for it, then we can calculate x as:
(1 + 33%)(x) = 115
1.33x = 115
x = 115/1.33 = 86.47
This means that the bookstore paid $86.47 for the book.