Question

A shoe store marks up it's merchandise by 8%. What was the selling price of a pair of shoes whose wholesale price is $24.50?

Answer 1

Final price is $26.46

Answer 2

Answer: The selling price of a pair of shoes is $26.46.

Explanation:

Given : The wholesale price of a pair of shoes = $24.50

i.e. C.P. = $24.50

Mark up percent = 8% = 0.08 ( To convert a percentage into decimal we divide it by 100)

Formula : S.P. = (Mark up percentage ( in decimal)) x (C.P.)+ (C.P.)

i.e.

`S.P.=(0.08) * (24.50)+24.50\\\\\Rightarrow\ S.P.=(0.08+1)(24.50)\\\\\Rightarrow\ S.P.=(1.08)(24.50)\\\\\Rightarrow\ S.P.=26.46`

Hence, the selling price of a pair of shoes is $26.46.