A store manager paid $45 each for coats. The markup is 65%. For what price should the coats be sold?
45 * 1.65 = ?
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To find the selling price of the coats, we need to calculate the markup amount first.
Markup is the difference between the cost price and the selling price. It is usually represented as a percentage of the cost price.
In this case, the markup is 65%. To calculate the markup amount, we need to multiply the cost price by the markup percentage (in decimal form).
Markup amount = Cost price * Markup percentage
= $45 * 0.65
= $29.25
Now, we can calculate the selling price by adding the markup amount to the cost price.
Selling price = Cost price + Markup amount
= $45 + $29.25
= $74.25
Therefore, the coats should be sold for $74.25 each in order to have a 65% markup.