A supermarket sells corn flakes for $3.60 per box. If the markup on the cereal is 20%, how much did the supermarket pay for each box? Please show your work. I know the answer is 2. 45 POINTS!

Let x represent the amount that the supermarket paid for the box. We were told that the mark up was 20%. This mean that the amount, x was increased by 20%.

Recall, percentage is expressed in term of 100.

This mean that the amount by which it was increased is

20/100 * x = 0.2x

The selling price would be

x + 0.2x = 1.2x

If the supermarket sells the corn flakes for $3.6 per box, it means that

1.2x = 3.6

x = 3.6/1.2

x = 3

Thus, the amount that the supermarket paid for each box is $3

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