A store marks up a picture frame 70% from its wholesale price. In a clearance sale, the price is discounted by 30%. The sale price is $34.51. What was the wholesale price of the picture frame?

Let's use algebra to solve for the wholesale price (let's call it "w"). We know that the store marked up the wholesale price by 70%, meaning they sold it for 1.7 times the wholesale price: {eq}1.7w {/eq} We also know that the clearance sale discounted the price by 30%, meaning the sale price is 70% of the marked-up price: {eq}0.7(1.7w) = 1.19w {/eq} Finally, we know that the sale price was $34.51, so we can set up an equation: {eq}1.19w = 34.51 {/eq} Solving for w, we get: {eq}w = \frac{34.51}{1.19} \approx 28.97 {/eq} Therefore, the wholesale price of the picture frame was \approx imately $28.97.