Virtual dealer, Dirt Cheap, says it marks up its jewelry a mere 8%. That is why Peter Berling could buy a two-carat pair of diamond earrings for $5,000--49% of what he would pay at a conventional retaier. (a) Based on selling price, what is Dirt Cheap's cost? (b) What is Dirt Cheap's markup amount? (c) What was the selling price of the conventional retaier? (d) How much did Peter save? Round to the nearest hundredth.
