I have a coworker who needs help with a calculation:
If we increased the margin to 70%, what would the cost of the item be?
(margin is currently calculated: (retail-cost)/cost = margin
Item Cost Retail margin
crabcake $1.00 $2.00 50.00%
sandwich $2.00 $3.00 33.33%
cake $1.25 $3.00 58.33%
I was thinking it should be something like if retail =.70, then retail is XX. I just have no idea how to put that into a formula.
Thanks!!!
ds
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