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The markup on a new diamond ring should be 25% based on the selling price. If the seller paid $4,525.00 for one, then how much should it be sold for to achieve the desired markup? a. $6,033.33 b. $4,550.00 c. $5,756.25 d. $5,000.00

The markup on a new diamond ring should be 25% based on the selling price. If the seller paid $4,525.00 for one, then how much should it be sold for to achieve the desired markup? a. $6,033.33 b. $4,550.00 c. $5,756.25 d. $5,000.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The markup on a new diamond ring should be 25% based on the selling price. If the seller paid $4,525.00 for one, then how much should it be sold for to achieve the desired markup? a. $6,033.33 b. $4,550.00 c. $5,756.25 d. $5,000.00
Transcribed Image Text:The markup on a new diamond ring should be 25% based on the selling price. If the seller paid $4,525.00 for one, then how much should it be sold for to achieve the desired markup? a. $6,033.33 b. $4,550.00 c. $5,756.25 d. $5,000.00
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