If a store uses a selling price-based markup of 40%, and an item costs the store $300, what selling price would the store set for the item?
a) $335 b) $400 c) $435 d) $500

The correct answer for the given problem above would be option D. $500. To explain why it is $500, since the item costs the store $300 and it uses a selling price-based markup of 40%, so it would be $300 / 0.6 which is equal to $500.