Question

After a 40% markup, the price is $56. what was the original price?

Answer 1

Given:

Percentage increase = 40%

New price = $56

Let's find the original price.

To find the original price, we have the formula:

$\text{New price = Original price(1 + percentage increase)}$

Let x represent the original price.

Input the values into the formula:

$\begin{gathered} 56=x(1+\frac{40}{100}) \\ \\ 56=x(1+0.4) \\ \\ 56=x(1.4) \\ \\ 56=1.4x \end{gathered}$

Divide both sides by 1.4:

$\begin{gathered} \frac{56}{1.4}=\frac{1.4x}{1.4} \\ \\ 40=x \\ \\ x=40 \end{gathered}$

Therefore, the original price was $40

ANSWER:

$40