The manager at Gabriel's Furniture Store is trying to figure out how much to charge for a bookshelf that just arrived. The books
helf was bought at a wholesale price of $147.00 and Gabriel's Furniture Store marks up all furniture by 60%. At what price should the manager sell the bookshelf?
First: markup rate × wholesale price = amount of markup
Second: Well the markup rate is a percentage, you have to convert it into a decimal. Percent means "out of one hundred," so <span>80%</span> is equivalent to <span>80/100 </span>which is also equal to <span>80÷100</span>.
<span>Third: 80÷100=0.80</span>
0.80 × $93.00 = $74.40
Fourth: The markup rate is a percentage of the wholesale price that is added to get the retail price, you can find the retail price with the following equation: amount of markup + wholesale price = retail price
