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
Oct 24, 2016

Answer:

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

Explanation:

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

#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#

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