Question

The wholesale price for a pair of shoes is $4.50 a certain department store marks up the wholesale price by 70% find the price of the pair of shoes in the department store round to the nearest cent if necessary

Answer 1

Given that the wholesale price(cost price) for a pair of shoes is $4.50. The markup percentage is given as 70%. We are asked to find the selling price. This can be seen below;

Step-by-step explanation

We can use the formula for the mark-up percentage to find the selling price of the shoe in the department store. The formula is given as:

`\text{\%Mark up}=\frac{selling\text{ price - cost price}}{\cos t\text{ price}}*100`

Therefore we will have;

`\begin{gathered} 70=\frac{sp-4.50}{s\mathrm{}p}*100 \\ (70)/(100)=(sp-4.50)/(sp) \\ 0.7=(sp-4.50)/(sp) \\ 0.7s.p=sp-4.50 \\ s.p-0.7sp=4.50 \\ 0.3s.p=4.50 \\ s.p=(4.50)/(0.3) \\ s.p=15 \end{gathered}`

Answer: The price of the pair of shoes in the department store will be 15 dollars