Question

A store is selling a hat at a 55 percent markup. The store originally paid $16 for the hat. What is the retail price of that hat?

Answer 1

If the hat is at a 55% markup, then the retail price is 1.55 * original price($16)
1.55*16 = $24.80

Answer 2

Answer: Hence, the retail price of that hat is $24.8.

Explanation:

Since we have given that

Original price of the hat = $16

Rate of mark up = 55%

So,Amount of mark up would be

`(55)/(100)* 16\\\\=0.55* 16\\\\=\$8.8`

So, the retail price of that hat would be

`\$16+\$8.8\\\\=\$24.8`

Hence, the retail price of that hat is $24.8.