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