Question

A department store sells a pair of shoes with an 87% markup. If the store-bought the pair of shoes for $55.25, what is the selling price to the nearest dollar?

Answer 1

Answer: $103
Explanation:
Stores will markup an item to make a profit so this question is asking how much they will be selling the shoes to the customer.
To solve this problem we will start by multiplying the price the store payed for (55.25) by the percentage in decimal form (.87)
55.25•0.87=48.0675

We then add the markup to the price payed for the shoes.
55.25+48.0675=103.3175

When rounding to the nearest dollar we look at the digit in the tens place (3) and since 3 is < 5 we round the final price to $103