Calculate markdown costs

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Q1. The reduced price of a dress is $54.99. Find the original selling price if a reduction of 40% has been taken.

Q2. A wallet was originally priced at $49.99 and was reduced by 30%. Find the markdown and the sale price.

Q3. A file cabinet originally sold for $215 but was damaged and had to be reduced. If the reduced cabinet sold for $129, what was the rate of markdown based on the original selling price?

Markup is the amount of money above their cost of a product or service that a business will charge for that product or service.

The Price of a product or service is what a business is charging after it applies a markup.

Markdown is the reduction in price of a product or service based on a percentage of the original price.

The Original Price of a product or service is what a business was charging before it decided to apply a markdown.

The Sale Price of a product or service is what a business is charging after it applies a markdown.