A retailer pays $\$86$ to a wholesaler for an article. The retail price is set using a $40\%$ rate of markup on selling price. To increase traffic to his store, the retailer marks the article down $20\%$ during a sale. What is the sale price?
How can I calculate the markup on selling price when S is not given?
Also S = C + M but we can't get M because M = E + P. in this case we have no overhead expenses (E) so can someone please help me out. I've been stuck on this for so long!
Hint: Typically a $40\%$ markup means that the cost is $60\%$ of the final selling price. The original selling price is then $\frac {86}{0.6}=143\frac13$. Then if you mark this down by $20\%$, you multiply by $0.80$ and get ???