Retail prices in a department store are obtained by marking up the wholesale price by 20%. That is, retail price is obtained by adding 20% of the wholesale price to the wholesale price. (A) What is the retail price of a suit the wholesale price is $200? (B) What is the wholesale price of a pair of jeans if the retail price is $72?
Retail prices in a department store are obtained by marking up the wholesale price by 20%. That is, retail price is obtained by adding 20% of the wholesale price to the wholesale price. (A) What is the retail price of a suit the wholesale price is $200? (B) What is the wholesale price of a pair of jeans if the retail price is $72?
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
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Transcribed Image Text:**Retail Pricing and Wholesale Pricing in a Department Store**
Retail prices in a department store are obtained by marking up the wholesale price by 20%. That is, the retail price is obtained by adding 20% of the wholesale price to the wholesale price.
1. **What is the retail price of a suit if the wholesale price is $200?**
2. **What is the wholesale price of a pair of jeans if the retail price is $72?**
*Explanation for Students:*
To solve these problems, you need to understand the concept of markup in retail pricing. The markup percentage is added to the wholesale price to get the retail price.
- For problem (A), calculate 20% of $200, then add it to $200 to find the retail price.
- For problem (B), reverse the process by considering that the retail price includes the 20% markup and find the wholesale price from it.
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