the wholesale price of the shows was 62% of their retail price. therefore the wholesale price was what % less than the retail price of the shoes?
38 Percent.
thank you I was correct.
thanks Bobpursley
To find the percentage by which the wholesale price was lower than the retail price, you can use the following steps:
Step 1: Calculate the difference between the retail price and the wholesale price.
Difference = Retail Price - Wholesale Price
Step 2: Calculate the percentage by which the wholesale price was lower.
Percentage = (Difference / Retail Price) * 100
Let's apply these steps to the given scenario:
1. Given:
Retail Price = x (let's assume the retail price is x, which will make the calculations easier)
Wholesale Price = 62% of Retail Price = 0.62x
2. Calculate the Difference:
Difference = Retail Price - Wholesale Price
= x - 0.62x
= 0.38x
3. Calculate the Percentage:
Percentage = (Difference / Retail Price) * 100
= (0.38x / x) * 100
= 38%
Therefore, the wholesale price is 38% less than the retail price of the shoes.