SOLUTION: A diamond ring cost a jeweler $4,200. He requires a margin of 45%. At what price should he sell the ring? What rate of markup did he realize?

Question 1165965: A diamond ring cost a jeweler $4,200. He requires a margin of 45%. At what price should he sell the ring? What rate of markup did he realize?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the diamond ring cost him 4200.
he requires a margin of 45%.
4200 + .45 * 4200 = 6090.
that's the price he needs to sell the ring at in order to make a gross profit of 45%.
the markup is 45% of the cost which is .45 * 4200 = 1890.

4200 + 1890 = 6090
the markup is 1890
the percent markup is 1890/4200 * 100 = 45%

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