Given that the wholesale price(cost price) for a pair of shoes is $4.50. The markup percentage is given as 70%. We are asked to find the selling price. This can be seen below;
Explanation
We can use the formula for the mark-up percentage to find the selling price of the shoe in the department store. The formula is given as:
[tex]\text{\%Mark up}=\frac{selling\text{ price - cost price}}{\cos t\text{ price}}\times100[/tex]
Therefore we will have;
[tex]\begin{gathered} 70=\frac{sp-4.50}{s\mathrm{}p}\times100 \\ \frac{70}{100}=\frac{sp-4.50}{sp} \\ 0.7=\frac{sp-4.50}{sp} \\ 0.7s.p=sp-4.50 \\ s.p-0.7sp=4.50 \\ 0.3s.p=4.50 \\ s.p=\frac{4.50}{0.3} \\ s.p=15 \end{gathered}[/tex]Answer: The price of the pair of shoes in the department store will be 15 dollars
