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8 July, 11:37

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 ?

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  1. 8 July, 14:29
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    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
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