Question

If the wholesale price of an item is $250 and the markup is 20%, find the retail price of the item.

Answer 1

$300

Explanation:

To find the retail price of the item, we need to add the markup to the wholesale price. The markup is 20% of the wholesale price, which is:

Markup = 20% x $250 = $50

To find the retail price, we add the markup to the wholesale price:

Retail price = Wholesale price + Markup

Retail price = $250 + $50

Retail price = $300

Therefore, the retail price of the item is $300.