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Solving a Word Problem for the Mark-up and List Price of a Painting
To find the amount of mark-up and list price from an original cost and a mark-up percentage, applying the problem-solving strategy allows you to translate the English sentences into algebraic equations. For example, if an art gallery bought a painting for an original cost of and marked the price up , first, let equal the amount of mark-up. Translate the phrase "the mark-up is of the original cost" into the equation . Solving this yields . Thus, the mark-up was . Next, let equal the list price. Translate the phrase "the list price is original cost plus the mark-up" into the equation . Solving this yields . After checking that the list price is appropriately greater than the original cost ($1{,}050 is more than ), conclude that the list price of the painting was $1{,}050.
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Intermediate Algebra @ OpenStax
Ch.2 Solving Linear Equations - Intermediate Algebra @ OpenStax
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Solving a Word Problem for the Mark-up and List Price of a Painting
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