PjM section 4 page 45 - answer is correct

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    Matthew Bowers

    Profits are calculated by dividing by the inverse target profit percentage (0.90 in this case). Profits and mark-ups are not the same thing.

    I do not have the handbook in front of me (or the total that others have said should be correct), but based on the numbers you provided, the total (including profit) should be $120,900. 

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