Question

A shoe store uses a 60% markup for all of the shoes it sells. What would be the selling price of apair of shoes that has a wholesale cost $55?

Answer 1

A shoe store uses a 60% markup for all of the shoes it sells. What would be the selling price of a

pair of shoes that has a wholesale cost $55?​

we know that

the markup is the price spread between the cost to produce a good or service and its selling price

so

we have

100%+60%=160%=160/100=1.6

so

To find out the selling price, multiply the cost for 1.6

$55*1.6=$88

therefore

the answer is $88