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Looking over the costs to add powers an existing item I found the chart says the lower cost power costs 1.5times normal,but the example (a +2 ring and invisibility) says 1.5times the higher cost power (i.e. invisibility).
Which is correct?
Or is the chart for making an item from "ground"up and the example for adding to an existing item.

Majuba |

I think you nailed it on the reason for the difference (creation vs. addition), but there's not much of a reason to make that distinction. The best "reason" to make it, is that the calculation is easier, i.e. "cost of new power" * 1.5 = you need that.
The example would instead read "cost of new power" + "cost of old power" * 1.5" - "cost of old power" = what you need.
For me, Ring of Invis & Protection +2 - 32K (20 + 8*1.5).
Of course, more convoluted is when you up the Protection to +4. +2 to +4 = 24K, but that number isn't used at all. Instead it's (32 + 20*1.5)k - (20 + 8*1.5)k = 30k. To get that from the 24k, you recognize that half is at *1.5 (up to 20k value of the protection), then as the highest cost effect, the rest is not multiplied, for 12*1.5 + 12 = 30k. If that made no sense to you (general reader you), that is why a simple example was used. :)
Basically, if you're going to mess with magic items, be patient with the math, and look at them holistically (always calculate the total price and compare, instead of trying to "add").