the wholesale price for a shirt is $4.50. a certain department store marks up the wholesale price by 70%…
the wholesale price for a shirt is $4.50. a certain department store marks up the wholesale price by 70%. find the price of the shirt 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 $4.50. So the markup amount $m$ is $m = 4.50\times0.70$. $m=4.50\times0.70 = 3.15$
Step2: Calculate the store - price
The store - price $p$ is the sum of the wholesale price and the markup amount. So $p=4.50 + m$. $p=4.50+3.15=7.65$
Answer:
$7.65$