From the sale of sleeping bags, a retailer made a gross profit of 16% of the wholesale cost. If each sleeping bag was sold for $28, what was the wholesale cost per bag?	Choose the correct choice from the following answers.
A) 3.0
B) 3.36
C) 24.13
D) 25.0
E) 31.36
Cost price * 1.16 = Selling price --&gt; Cost price * 1.16 = $28 --&gt; Cost price = $24.13.   Answer: 24.13.
<result>C</result>
From the sale of sleeping bags, a retailer made a gross profit of 16% of the wholesale cost. If each sleeping bag was sold for $28, what was the wholesale cost per bag?