Final answer:
To find the retail price of the microphone, convert the 80% markup to a decimal (0.80) and multiply by the wholesale price ($49.50), then add the result to the wholesale price, yielding a retail price of $89.10.
Step-by-step explanation:
To calculate the retail price of the microphone with an 80% markup on the wholesale price, we will use the formula for markup:
Retail Price = Wholesale Price + (Markup Percentage × Wholesale Price).
First, convert the 80% markup into decimal form by dividing by 100. This gives us 0.80. Next, multiply the wholesale price of $49.50 by 0.80 to find the amount of markup:
Markup = 0.80 × $49.50 = $39.60.
Now, add the markup to the original wholesale price to find the retail price:
Retail Price = $49.50 + $39.60 = $89.10.
Therefore, the retail price of the microphone is $89.10.