mark up and mark downs

[ammanda]

The Soft Step Floor Company purchases carpeting for $5.12 per square yard and marks it up 55% based on the selling price. What is the selling price per square yard? (Round to the nearest cent.)​

$
I had came up with $7.94 but was wrong.

 

[ammanda]

7.94 is correct if based on the purchase price.

Problem states "based on selling price":
S = selling price
.55S = 5.12 ; S = 9.31

so do I divide 9.31 by 7.94 because I know 1.17 isn't right nor is 9.31 I'm confused.

 

[stapel]

so do I divide 9.31 by 7.94 because I know 1.17 isn't right nor is 9.31 I'm confused.

i) Pick a variable for the selling price. (Hint: Use "s", as shown in the other reply.)
ii) Create an expression for "55% of the selling price". (Hint: Use "0.55s", as shown in the other reply.) This stands for the mark-up amount.
iii) Create an expression for "the purchase price, plus the mark-up amount". (Hint: Add the giving purchase price and the expression from (ii).)
iv) Note that the purchase price, plus the mark-up amount, is the selling price. Use this to create an equation. (Hint: Set the expression from (iii) equal to the variable in (i).)
v) Solve the equation for the variable. (Hint: You can find a lesson on this here.)

If you get stuck, please reply showing your work for each of the steps above.

And, for a general lesson on how to set up and solve percentage-based exercises, try here.