# The Quick Plumbing Supply sells a set of faucets for \$79.75. If a 45% markup based on cost was used, what was the cost of the faucets to Quick Plumbing? (Round to the nearest cent.)

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1.45C = 79.75
C = \$55.00

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## To find the cost of the faucets to Quick Plumbing, we can set up the following equation:

Cost + Markup = Selling Price

Let's assume the cost of the faucets is C.

We know that the selling price is \$79.75, and the markup based on cost is 45%.

So, markup = 45% of C = 0.45C

Substituting the values into the equation, we get:

C + 0.45C = \$79.75

Combining like terms:

1.45C = \$79.75

To solve for C, divide both sides by 1.45:

C = \$79.75 / 1.45

Calculating this gives:

C ≈ \$55.00

Therefore, the cost of the faucets to Quick Plumbing was approximately \$55.00.

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## To find the cost of the faucets, we can use the concept of a markup percentage. A markup percentage represents the increase in price above the cost price. In this case, we are given a 45% markup based on cost.

Let's assume the cost of the faucets is represented by "x."

To find the selling price, we add the markup percentage to the cost:

Selling Price = Cost + (Markup Percentage * Cost)
Selling Price = Cost + (45% * Cost)
Selling Price = Cost + 0.45 * Cost
Selling Price = 1.45 * Cost

We are given that the selling price is \$79.75, so we can write the equation:

1.45 * Cost = \$79.75

To find the value of Cost, we divide both sides of the equation by 1.45:

Cost = \$79.75 / 1.45

Calculating this, we find:

Cost ≈ \$54.97

Therefore, the cost of the faucets to Quick Plumbing was approximately \$54.97.