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A shoe store uses a 40% markup for all of the shoes it sells. What would be the selling price of a pair of shoes that has a
wholesale cost of $71?
The selling price would be $
(Round to the nearest cent as needed.)

Answer 1

The selling price of the shoes with a 40% markup on the wholesale cost of $71 is $99.40.

Step-by-step explanation:

To calculate the selling price of a pair of shoes at a 40% markup, we first determine the amount of the markup by multiplying the wholesale cost by the markup percentage. In this case, the shoes have a wholesale cost of $71.

The markup is calculated as follows:

Markup = Wholesale cost × Markup percentage

Markup = $71 × 0.40

Markup = $28.40

Next, we add the markup to the wholesale cost to find the selling price.

Selling price = Wholesale cost + Markup

Selling price = $71 + $28.40

Selling price = $99.40

Therefore, the selling price of the shoes is $99.40, when rounded to the nearest cent.