Stone's Jewelry marks up diamond rings $4,500.00. This represents a 50% markup on cost. What is the cost of the rings?
Let the cost of the rings = 100%
Then the selling price = 100 + 50 = 150 %
But selling price = $4500
So 150% = $4500
And 100% = 100/150 x $4500
Cost = $3000 (check: $3000 + 50% of $3000=$ 4500)
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