Question

A jewelry supply shop buys silver chains from a manufacturer for c dollars each, and then sells the chains at a 57-percent markup. Write the markup as a decimal, A expression for the retail price silver chain, a retail price of a silver chain purchased for 45 dollars, and how much was added to the original price of the chain

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Answer 1

The amount added to the original price of the jewelery is the Markup price. Hence, the amount added is $16.34

• Markup = 57% = 0.57
• Cost of jewellery = c
• Retail price = $45

Retail price = cost of jewellery + Markup

$45 = c + 0.57c

45 = 1.57c

Divide both sides by 1.57

c = 45/1.57

c = $28.66

The Markup price = (Retail price - Original price)

• Markup = $45 - $28.66 = $16.34

Therefore, the amount added to the original price is $16.34

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