Question

a shoe store uses a 60% markup for all of the sho. what would be the selling price of a pair of shoes that has a wholesale cost of $53?
the selling price would be $\square.
(round to the nearest cent as needed.)

Explanation:

Step1: Determine the markup amount

The markup percentage is 60%, and the wholesale cost is $53. To find the markup amount, we calculate 60% of $53.
The formula for the markup amount is $Markup = Wholesale\ Cost\times Markup\ Percentage$.
So, $Markup = 53\times0.60 = 31.8$.

Step2: Calculate the selling price

The selling price is the wholesale cost plus the markup amount.
The formula for the selling price is $Selling\ Price = Wholesale\ Cost + Markup$.
Substituting the values, we get $Selling\ Price = 53 + 31.8 = 84.8$.

Answer:

84.8