a retail jeweler sells a pair of gold earrings for $213.90. The jeweler uses a 130% markup based on cost. Based on this information what was the wholesale cost of the earrings?
130% of something is 213.90
1.3x = 213.90
x = 213.9/1.3 = ....
164.53
To find the wholesale cost of the earrings, we can use the concept of a markup.
Let's assume the wholesale cost of the earrings is represented by the variable "x."
The markup amount is given as 130% of the wholesale cost.
Therefore, the markup can be calculated as 130% of x, which can also be written as: 1.3x.
The selling price is $213.90, which is the sum of the wholesale cost and the markup.
So, we can set up an equation:
Wholesale Cost + Markup = Selling Price
x + 1.3x = $213.90
To solve this equation, we need to combine like terms:
2.3x = $213.90
Now, to isolate x, the wholesale cost, we divide both sides of the equation by 2.3:
x = $213.90 / 2.3
Using a calculator, we find:
x ≈ $93.00
Therefore, the wholesale cost of the earrings was approximately $93.00.