Question

Use an algebraic approach to solve the problem.

If a ring costs a jeweler $1500, at what price should it be sold to yield a profit of 50% on the selling price?

Answer 1

$2250

Explanation:

selling the ring at 100% of $1500 would equal 1500 and yield no profit

therefore, you must sell the ring at 150% (where 100% covers the cost and the additional 50% provides the profit) of 1500

1.5 x 1500 = 2250