Question

the wholesale price for a pair of shoes is $5.50. A certain department store marks up the wholesale price by 40%. Find the price of shoes in the department store.

Answer 1

EXPLANATION

Price of shoes = $5.50

Markup= 40%

Let's call x to the unknown final price.

The markup percentage relationship is given by the following formula:

`\text{Markup =( }\frac{Selling\text{ Price}-\text{Cost Price}}{\text{Cost Price}})\cdot100`

Replacing terms:

`\text{40}=((x-5.5)/(5.5))\cdot100`

Multiplying both sides by 5.5:

`40\cdot5.5=(x-5.5)\cdot100`

Dividing both sides by 100:

`(40\cdot5.5)/(100)=x-5.5`

Adding 5.5 to both sides:

`((40\cdot5.5)/(100))+5.5=x`

Simplifyng the fraction:

`2.2+5.5=x`

Adding numbers:

`\text{7}.7\text{ = x}`

Switching sides:

`x=7.7`

Answer: The final price of the shoes in the deparment store is $7.7