the wholesale price for a pair of shoes is $3.50. a certain department store marks up the wholesale price by…

the wholesale price for a pair of shoes is $3.50. a certain department store marks up the wholesale price by 70%. find the price of the pair of shoes in the department store. round your answer to the nearest cent, as necessary.

the wholesale price for a pair of shoes is $3.50. a certain department store marks up the wholesale price by 70%. find the price of the pair of shoes in the department store. round your answer to the nearest cent, as necessary.

Answer

Explanation:

Step1: Calculate the markup amount

The markup is 70% of the wholesale price. The wholesale price is $3.50. So the markup amount $m$ is calculated as $m = 3.50\times0.70$. $m=3.50\times0.70 = 2.45$

Step2: Calculate the store - price

The store - price $p$ is the sum of the wholesale price and the markup amount. So $p=3.50 + m$. $p = 3.50+2.45=5.95$

Answer:

$5.95$