Question

Walmart buys shoes from a factory in China for $8.50. Walmart then marks up the price of the shoes by 65% to sell to their customers. If the shoes aremarked up 65%, how much do they cost at Walmart? *

Answer 1

Answer

The shoes cost $14.03 at Walmart.

Explanation

The markup, the selling price and the cost price are all related through the relation

$\text{Markup percent = }\frac{(Selling\text{ Price) - (Cost Price)}}{(Cost\text{ Price)}}\times100$

For this question,

Markup percent = 65%

Selling Price = x = ?

Cost Price = $8.50

$\begin{gathered} \text{Markup percent = }\frac{(Selling\text{ Price) - (Cost Price)}}{(Cost\text{ Price)}}\times100 \\ 65=\frac{x-8.5}{8.5}\times100 \\ \text{Divide both sides by 100} \\ 0.65=\frac{x-8.5}{8.5} \\ \text{Cross multiply} \end{gathered}$

x - 8.5 = (0.65) (8.5)

x - 8.5 = 5.525

x = 8.5 + 5.525

x = $14.025

x = $14.03

Hope this Helps!!!