A discount store marks up the merchandise it sells by 55%. If the wholesale price of a particular item is $25, what should the retail price be set at?
25(1.55)
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To find the retail price of the item, you need to add the markup percentage to the wholesale price.
Step 1: Calculate the markup amount.
Markup Amount = Wholesale Price * Markup Percentage
Markup Amount = $25 * 55% = $13.75
Step 2: Add the markup amount to the wholesale price.
Retail Price = Wholesale Price + Markup Amount
Retail Price = $25 + $13.75 = $38.75
Therefore, the retail price should be set at $38.75.