Q&A: How much would be the asking price on a collectible in a consignment shop?
Question by debodun: How much would be the asking price on a collectible in a consignment shop?
The owner of a collectible would like to sell it through a consignment shop. What would be the asking price in the shop in order that the owner can clear 0 after paying the store’s 20% commission?
Best answer:
Answer by babie_boomah
5.
20% of 5 is . Subtract that from the asking price 5 – = 0.
What do you think? Answer below!
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I like this method as you don’t go wrong
Let the asking price be P
We know that after paying the store’s 20% commission, the owner will be left with 80% of the selling price
That is, the owner will be left with P*80% = P*(80/100)
The owner wants to be left with 100
So P*(80/100) = 100
P = $125