Math Snap

STEP 1

Assumptions1. The total plate cost for the filet mignon dinner is $13.50. The desired food cost percent is34.5%
3. The food cost percent is calculated as the ratio of the plate cost to the selling price

STEP 2

We need to find the selling price based on the food cost percent. The formula for food cost percent is$$Food\, cost\, percent = \frac{Plate\, cost}{elling\, price}$$

STEP 3

We want to find the selling price, so we rearrange the formula to solve for the selling price$$elling\, price = \frac{Plate\, cost}{Food\, cost\, percent}$$

STEP 4

Now, plug in the given values for the plate cost and food cost percent to calculate the selling price.
elling\, price = \frac{\($\)13.50}{34.\%}

STEP 5

Convert the percentage to a decimal value.
$$34.5\% =0.345$$elling\, price = \frac{\($\)13.50}{0.345}

Calculate the selling price.
elling\, price = \frac{\($\)13.50}{0.345} = \($\)39.13The minimum selling price you must charge is $39.13.