Question

Retail prices in a department store are obtained by marking up the wholesale price by 60 %. That​ is, retail price is obtained by adding 60 % of the wholesale price to the wholesale price. ​(A) What is the retail price of a suit if the wholesale price is ​$500​? ​(B) What is the wholesale price of a pair of jeans if the retail price is ​$88​?

Answer 1

Answer:

A. $800​

B. $55

Explanation:

A. The retail price of the suit will be computed as follows:

Retail price of the suit              = Wholesale price X (100% + 60%)

                                                 = $500​ X 160%

                                                 = $800​

B. The wholesale price for the pair of jeans will be computed as follows:

Wholesale price of the jeans   = Retail price / (100% + 60%)

                                                  =  ​$88 / 160%

                                                  = $55