Question

the wholesale price for a pair of shoes is $5.50. A certain department store marks up the wholesale price by 40%. Find the price of shoes in the department store.

Answer 1

EXPLANATION

Price of shoes = $5.50

Markup= 40%

Let's call x to the unknown final price.

The markup percentage relationship is given by the following formula:

$\text{Markup =( }\frac{Selling\text{ Price}-\text{Cost Price}}{\text{Cost Price}})\cdot100$

Replacing terms:

$\text{40}=(\frac{x-5.5}{5.5})\cdot100$

Multiplying both sides by 5.5:

$40\cdot5.5=(x-5.5)\cdot100$

Dividing both sides by 100:

$\frac{40\cdot5.5}{100}=x-5.5$

Adding 5.5 to both sides:

$(\frac{40\cdot5.5}{100})+5.5=x$

Simplifyng the fraction:

$2.2+5.5=x$

Adding numbers:

$\text{7}.7\text{ = x}$

Switching sides:

$x=7.7$

Answer: The final price of the shoes in the deparment store is $7.7