Question

Determine the wholesale price (jewelry store’s cost) of the ring. (Hint: Since the ring is marked up 50%, the customer’s price is all of the jeweler’s price (100%) plus the 50% markup. Therefore, calculate 150% of what number is $2400.)

Answer 1

From the context, I’m guessing the customer price is 2400 after a 50% markup?

We can let the wholesale price be x. We can represent a 50% markup by adding 50% of x to x. In other words, x + (50% of x). As a decimal, this would be x + 0.50x which is equal to 1.5x.

Finally, we can set 1.5x = 2400 and solve for x to get the original price.

Answer 2

thank you