SOLUTION: A canary diamond sells for $49,000 and is marked up 55% on the selling price. What is the markup amount and cost?

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Question 38378: A canary diamond sells for $49,000 and is marked up 55% on the selling price. What is the markup amount and cost?
Answer by fractalier(2101) About Me  (Show Source):
You can put this solution on YOUR website!
Selling price = cost + markup, but markup = markup rate * cost,
Selling price = cost + markup rate * cost...now plug in
49000 = c + .55c = 1.55c
c = $49000 / 1.55
c = $31612.90
markup = $49000 - c = $49000 - $31612.90 = $17387.10