SOLUTION: I posted this question some time ago but unfortunately someone has not answered it. Or the wrong formula was used. The formula to use is COST=SELLING PRICE(1+RATE OF MARKUP. tHE PR

Question 743487: I posted this question some time ago but unfortunately someone has not answered it. Or the wrong formula was used. The formula to use is COST=SELLING PRICE(1+RATE OF MARKUP. tHE PROBLEM IS BELOW SOMEONE PLEASE READ IT AND SHOW ME THE STEPS TO FIND MY ANSWER USING THE FORMULA I SHOW ABOVE PLEASE.
Here is the problem again:

Amanda is a manager at a local jewelry store. When a customer purchases a diamond engagement ring, Amanda also suggests purchasing a pearl necklace as a gift for the fianc�s mother. As a courtesy, Amanda discounts the necklace by 35% off of the original selling price. From the cost, the engagement ring has a markup of 100%, and the pearl necklace has a markup of 65%.
1.What is the store's cost for the ring that has a selling price of $4,500?
2.What is the store's cost for the necklace that has a selling price of $2,500?
3.If a customer buys the ring and the necklace together, what would be
the total purchase price?
4.How much did the customer save by purchasing the ring and the
necklace together instead of buying them separately?

Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

Sorry, your formula is incorrect. If

where

is cost as a function of Sell Price and Markup Rate,

is sell price, and

is the markup rate, then in every case, given a positive markup, the cost is greater than the sell price. Nobody can stay in business that way. I could do the problem using the correct formula, namely:

, where Sell Price is a function of Cost and Markup Rate, but your insistence on the incorrect formula is tying my hands.

And, by the way, turn off your Caps Lock. Typing in all caps is equivalent to shouting; it is both annoying and rude.

John

Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it

The Out Campaign: Scarlet Letter of Atheism

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