a store is selling a hat at a 55 percent markup. the store originally paid $16 for the hat. what is the…

a store is selling a hat at a 55 percent markup. the store originally paid $16 for the hat. what is the retail price of the hat?\n$23.80\n$24.00\n$24.80\n$24.83

a store is selling a hat at a 55 percent markup. the store originally paid $16 for the hat. what is the retail price of the hat?\n$23.80\n$24.00\n$24.80\n$24.83

Answer

Explanation:

Step1: Calculate markup amount

Markup amount = Cost price × Markup percentage. Markup percentage = 55% = 0.55, cost price = $16. So, markup amount = $16×0.55 = $8.8.

Step2: Calculate retail price

Retail price = Cost price+Markup amount. Cost price = $16, markup amount = $8.8. So, retail price = $16 + $8.8 = $24.8.

Answer:

C. $24.80