Question

Bill's Furrier marks up mink coats $3,000. This represents a 50% markup on cost. What is the cost of the coats?

Answer 1

let P be the original price
You can solve the equation
P(1+.5) = 3000

Answer 2

Let the cost of a coat to the Furrier be C. Then we can write:
\[\large \frac{3000}{C}=0.5\]
Solve the equation to find the value of C, the unit cost of the coats to the Furrier.