Use the formula S= C+r•C
where S is the selling price
C is the cost
and r is the markup rate
Given
S= $77.50
r = 24%
Then we substitute into the formula
[tex]\begin{gathered} 77.50=\text{ C+0.24}\times C \\ 77.50=\text{ C+0.24}C \\ 77.50=\text{ C+0.24}C \\ 77.50=1.24C \\ \text{divide both sides by 1.24} \\ \frac{77.50}{1.24}=\frac{1.24C}{1.24} \\ \\ C=62.50 \end{gathered}[/tex]The cost of a coffeemaker is $62.50
