Question

The wholesale price for a chair is $124. A certain furniture store marks up the wholesale price by 16%. Find the price of the chair in the furniture store.

Round your answer to the nearest cent, as necessary.

Answer 1

$143.84

Explanation:

Given the following question:
Initial price of the chair was $124....
Marked up 16% (which means the price has increased by 16%)
Find the new price of the chair...

In order to find the answer, we find 16% of a given number in till it equals 124 which was the initial price.



`(143.84-124)/(124) *100=143.84-124=19.84/124=0.16*100=16`
16% of 143.84 is 124
143.84 is already rounded to the nearest cent

Which means the new price of the chair is "$143.84"

Hope this helps.