A client just paid $40,500 for a diamond necklace. If the percent markup based on cost is 115%, what was the cost?
A) $17,635.71
B) $18,837.21
C) $37,237.76
D) $35,217.39

Name: A client just paid $40,500 for a diamond necklace. If the percent markup based on cost is 115%, what was the cost? A) $17,635.71 B) $18,837.21 C) $37,237.76 D) $35,217.39
Brand: Quizplus
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Question

Quizplus · Accepted Answer

To find the cost, divide the selling price by 1 plus the markup percentage (expressed as a decimal). So, $40,500 / 2.15 = $18,837.21.

A Client Just Paid $40,500 for a Diamond Necklace