Cost : 6.60
Markup: ?
Selling price : ?
Rate of mark up : ?
Rate of mark up
on selling price : 40%
i'm stuck on this question because the selling price isn't given and am having loads of trouble on how to find it
You are not just told the cost, you are also told that the markup is 40% of the selling price. Let M be the markup. Then the selling price is 6.60+ M and 40% of that is (0.4)(6.6+ M). Since the markup is 40% of the selling price, 0.4(6.5+ M)= M. Solve that equation for M and the rest of the problem should be easy.