Final answer:
The retail price of an item with a wholesale price of $250 and a 20% markup is calculated by adding the markup amount to the wholesale price, resulting in a retail price of $300.
Step-by-step explanation:
To find the retail price, we can start by calculating the markup amount. The markup is given as 20% of the wholesale price. So, we find 20% of $250:
Markup = 20% x $250 = $50
The markup is added to the wholesale price to get the retail price:
Retail price = Wholesale price + Markup = $250 + $50 = $300
Therefore, the retail price of the item is $300.
To calculate the retail price when given the wholesale price and the markup percentage, first, convert the markup percentage to a decimal. In this case, a 20% markup is 0.20 in decimal form. Then multiply the wholesale price by this decimal to find the markup amount. For a wholesale price of $250, this would be: $250 x 0.20 = $50. Next, add this markup amount to the wholesale price to get the retail price: $250 + $50 = $300. Therefore, the retail price of the item would be $300.