the wholesale price for a chair is $123. a certain furniture store marks up the wholesale price by 37%. find…

the wholesale price for a chair is $123. a certain furniture store marks up the wholesale price by 37%. find the price of the chair in the furniture store. round your answer to the nearest cent, as necessary.

the wholesale price for a chair is $123. a certain furniture store marks up the wholesale price by 37%. find the price of the chair in the furniture store. round your answer to the nearest cent, as necessary.

Answer

Explanation:

Step1: Calculate the markup amount

The markup is 37% of the wholesale price. The wholesale price of the chair is $123. The markup amount $m$ is calculated as $m = 123\times0.37$. $m=123\times0.37 = 45.51$

Step2: Calculate the retail - price

The retail price $p$ of the chair is the sum of the wholesale price and the markup amount. So $p=123 + m$. $p=123+45.51=168.51$

Answer:

$168.51$