Question

A client just paid $40,500 for a diamond necklace. If the percent markup based on cost is 115%, what was the cost?

Answer 1

$1883.2093

Explanation:

Let `x` be the original cost of the necklace
`40500=x+115%x`
`40500=x+115/100x`
Taking LCM as 100
`40500=(100x+115x)/100`
`40500=(215x)/100`
`{(40500)(100)}/215=x`
`x=18837.2093`
Therefore the actual cost of the necklace is $1883.2093