Question

The wholesale price for a chair is $181. A certain furniture store marks of the wholesale price by 22%. Find the price of the chair in the furniture store. Round your answer to the nearest cent as necessary.

Answer 1

To find the price of the chair in the furniture store, we need to calculate the retail price, which is the wholesale price plus the markup. The markup is calculated by multiplying the wholesale price by the markup rate as a decimal:

markup = 0.22 x $181 = $39.82

So the retail price is:

$181 + $39.82 = $220.82

Rounding to the nearest cent, we get the final answer:

The price of the chair in the furniture store is $220.82.