Answer:
$68.97
Step-by-step explanation:
Markup is the difference between the cost of an item and the price at which it is sold:
cost price + markup = selling price
Here, the markup is said to be 70%. The base for that percentage can be either the cost price or the selling price. The way this question is worded suggests the markup is 70% of the cost price.
So, we have ...
cost price + 0.70 × cost price = selling price
or
cost price × (1 + 0.70) = selling price
__
Then, to find the cost price, we can divide by its coefficient in this equation. Doing that gives ...
cost price = (selling price)/1.70
cost price = $117.25/1.70 = $68.97
The store's purchase price before the markup for this item was $68.97.
