Solving for the Selling Price of a Necklace for Jewelry Maker Sylvia
Sylvia is a jewelry maker who wants to make a 55% profit on the necklaces she makes. If it costs $12.40 to make a necklace, what should be the selling price?
Final answer:
To calculate the selling price of the necklace, add the cost price to the desired profit percentage. In this case, the selling price is $19.22.
Explanation:
To calculate the selling price, we need to determine the cost of making the necklace and add the desired profit percentage. In this case, the cost of making the necklace is $12.40.
To find the selling price, we can use the formula:
Selling price = Cost price + Profit
Since Sylvia wants to make a 55% profit, we can calculate the profit amount:
Profit = 55% of Cost price
Substituting the given values:
Profit = 55% of $12.40 = $6.82
Now we can calculate the selling price:
Selling price = $12.40 + $6.82 = $19.22
What is the formula to calculate the selling price of a product with a desired profit percentage? To calculate the selling price of a product with a desired profit percentage, use the formula: Selling price = Cost price + (Profit percentage * Cost price).