We are given the current market price that is <span>$1,200 and we are asked in the problem to compute the target cost if one wishes to gain a 30% profit. In this case, we have to minimize the cost to achieve the profit desired. Then,
1.3 y = 1200
where y is the target cost
y = $923.08
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The dimensions are 8 and 7 square inches because 7 times 8 is 56.
