Michael Waxman, a restaurant consultant, advised a client to buy a 30-inch diameter commercial kitchen exhaust system which was specifically designed to remove "grease-laden" air. Waxman knew that most vendors marked up these items 60% based on cost. If the cost of such an exhaust system is $1,910, what will be the selling price?
100 . + 60% = 160%; 160% × $1,910 = $3,056 selling price
Alternate Solution: 60% × $1,910 = $1,146 dollar markup;
$1,910 + $1,146 = $3,056 selling price
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