A store marks up its merchandise by 95%. What is the floor value of pair of pants that the store purchased for $184.49?
184.49 * 1.95 =
Ms. Sue read the question wrong.
Set a variable for floor value.
x*1.95=184.49
x=184.49/1.95
184.49/1.95 = 94.61
Are you saying that the floor value is less than $100?
To find the floor value of a pair of pants after a 95% markup, you will need to subtract the markup percentage from 100% (which represents the original price). Then, divide the selling price by the result to get the floor value.
Here are the steps to calculate it:
1. Calculate the markup percentage:
Markup percentage = 100% - 95% = 5%
2. Convert the markup percentage to a decimal:
Markup decimal = 5% / 100% = 0.05
3. Calculate the selling price after the markup:
Selling price = Purchase price + (Purchase price * Markup decimal)
Selling price = $184.49 + ($184.49 * 0.05)
Selling price = $184.49 + $9.2245
Selling price = $193.7145
4. Finally, calculate the floor value by dividing the selling price by (1 + Markup decimal):
Floor value = Selling price / (1 + Markup decimal)
Floor value = $193.7145 / (1 + 0.05)
Floor value = $193.7145 / 1.05
Floor value ≈ $184.49
Therefore, the floor value of the pair of pants is approximately $184.49.