Question

Question 11 (4 points) Saved Vic's Jewelery Store bought a diamond ring for $1,500. Vic wants to markup the set at 45 percent of the selling price. The selling price of the diamond ring should be: $2,727.27 $2,325.00 $2,175.00 $3,333.33

Answer 1

Answer:$2,727.27

Explanation:

Given:

Cost of diamond ring = $1,500

Markup = 45% of selling price

Let Selling price be 'X'

So, Markup = 0.45X

Therefore,

Cost = Selling Price - Markup

Cost = X - 0.45X

$1,500 = X - 0.45X

$1,500 = 0.55X

X = $1,500/0.55

X = $2,727.27

Therefore Selling Price(X) = $2,727.27