A shoe store marks up its merchandise by 8%. What was the selling price of a pair of shoes whose A wholesale price is $24.50?

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A shoe store marks up its merchandise by 8%. What was the selling price of a pair of shoes whose A wholesale price is $24.50?

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Answer 1 · 2016-10-24T23:56:04

The selling price of the pair of shoes is $$ 26.46$ $$26.46$ .

Explanation:

If the mark-up rate is $8 %$ $8%$ , then the selling price of a pair of shoes will be $108 %$ $108%$ of the wholesale price. (Remember that the mark-up rate is added to $100 %$ $100%$ of the wholesale price to obtain the selling price.) The first step in finding the selling price is to change $108 %$ $108%$ into a decimal. Remember that the percent symbol is notation for $\frac{1}{100}$ $1/100$ , so to change a percent back to a decimal, we replace the percent symbol with $\frac{1}{100}$ $1/100$ and simplify the expression.

$108 % = 108 (\frac{1}{100}) = 1.08$ $108% = 108(1/100) = 1.08$

Now multiply the wholesale price by this decimal to find the selling price.

$$ 24.50 (1.08) = $ 26.46$ $$24.50(1.08) = $26.46$

The selling price of the pair of shoes is $$ 26.46$ $$26.46$ .

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A shoe store marks up its merchandise by 8%. What was the selling price of a pair of shoes whose A wholesale price is $24.50?

1 Answer

Explanation:

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