Question: The wholesale price for a pair of shoes is $3.50. A certain department store marks up the wholesale…

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.

Solution

The wholesale price for a pair of shoes is $3.50. A department store marks up the wholesale price by 70%. To find the price of the pair of shoes in the department store, follow these steps: Calculate the markup amount: \[ \text{Markup} = \$3.50 \times 0.70 = \$2.45 \] Add the markup amount to the wholesale price: \[ \text{Price in store} = \$3.50 + \$2.45 = \$5.95 \] Therefore, the price of the shoes in the department store is $5.95.