A new problem emerges [Math]

[Nikose Tyris]

I need help with my homework again.

The Question:

The mark-up on an item selling for 74.55 is 40% of cost.
A) What is the cost of the item?
B) What is the rate of Mark-up based on the selling price?


No matter how I dig into this equation, I can't figure out the cost. :/ I'm not sure what I'm doing wrong. Can anyone post just the next step of this equation for me?

Alternatively solve and show your work for bonus marks.

Edit: I'm asking because the exam is in 1 hour, and there are apparently 6 marks worth of questions using this format. I'd like to get those 6 marks. :p


Edit 2: Closable. I just figured it out.

Selling Price = cost + markup
$74.55 = cost + markup
$74.55 = cost + markup rate * cost
$74.55 = cost + .40(cost)
$74.55 = 1.40 * cost
$74.55/1.40 = cost
$53.25 = cost