Can someone please help me with this question. Please explain how they got 60x for (d). Thank you so much!!

I am trying to understand how they got 0.60x for (d). How did they get 0.60x??? Please help. I included all of the information, along with answers and solutions given. I still cant figure out how they got 60x for (d).

The following is Talley Companys 2010 income statement.

Sales revenue $571,300

Cost of goods sold 342,780

Gross margin 228,520

Operating expenses 102,300

Operating income $126,220

(a). What is the markup percentage on cost of goods sold?

Answer given: The markup percentage is 67%

Solution given: 571,300 342,780 = 228,520 228,520 / 342,780 = 67%

(b). What is the markup percentage on total costs?

Answer given: The markup percentage is 28%

Solution given: Total costs = $342,780 + 102,300 = $445,080 Markup percentage = 571,300 445,080 = 126,220 126,220 / 445,080 = 28%

(c). What is the gross margin percentage?

Answer given: The gross margin percentage is 40%

Solution given: 228,520 / 571,300 = 0.40 or 40%

(d). If the company want to sell a new product that costs $69 wholesale while keeping the same markup structure, what will be the price of the new product?

Answer given: The price of the new product is $115

Solution given: Use the gross margin percentage x - $69 / x = 0.40 or 40% x - $69 = 0.40x 0.60x = $69 x = $115 QUESTION: How did they get 0.60x?