Question

Walmart buys shoes from a factory in China for $8.50. Walmart then marks up the price of the shoes by 65% to sell to their customers. If the shoes aremarked up 65%, how much do they cost at Walmart? *

Answer 1

The shoes cost $14.03 at Walmart.

Step-by-step explanation

The markup, the selling price and the cost price are all related through the relation

`\text{Markup percent = }\frac{(Selling\text{ Price) - (Cost Price)}}{(Cost\text{ Price)}}*100`

For this question,

Markup percent = 65%

Selling Price = x = ?

Cost Price = $8.50

`\begin{gathered} \text{Markup percent = }\frac{(Selling\text{ Price) - (Cost Price)}}{(Cost\text{ Price)}}*100 \\ 65=(x-8.5)/(8.5)*100 \\ \text{Divide both sides by 100} \\ 0.65=(x-8.5)/(8.5) \\ \text{Cross multiply} \end{gathered}`

x - 8.5 = (0.65) (8.5)

x - 8.5 = 5.525

x = 8.5 + 5.525

x = $14.025

x = $14.03

Hope this Helps!!!