Question

The wholesale price for a chair is $115. A certain furniture store marks up the wholesale price by 15%. Find the price of the chair in the furniture store. Round your answer to the nearest cent, as necessary.

Answer 1

Answer: The price of the chair is $132.30

Step-by-step explanation: The original price of the chair is $115.00 and it's now being marked up by 15%.

That means the new price is now $115.00 + 15% (that's 15% of 115)

To calculate the increment,

New price = 115 × 15/100

= 115 × 3/20

= 23 × 3/4

= 69/4

= 17¼ or 17.25

Since the original price has been marked up, we simply add the increment to the original price. That gives us,

$115.00 + $17.25

$132.24

Approximate that to the nearest cent and you have

$132.30.