#### 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 $\frac{1}{100}$, so to change a percent back to a decimal, we replace the percent symbol with $\frac{1}{100}$ 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.