Question

An employee is to mark up a piece of jewelry 120%. If a necklace costs $100, what should its selling price be?

Answer 1

$220

The employee has to mark up the $100 piece of jewelry by 120%. This means that the employee must add 120% of 100 to the original price of the jewelery. To find this, we simply multiply, since "of" in math means multiplication.

So, we must calculate 120% • 100 = 120 (because 120% = 1.2 and 1.2 • 100 = 120)

Now, we just add: 100 + 120 = 220, so the selling price should be 220