The mark up price of the shoe would increase the final price
- The final price of the shoe is $259.0875
- The final price of the shoe after tax is $273.98503125
The final price of the shoe
The given parameters are:
- Cost = $245.00
- Mark up price = 5.75%
The final price is calculated using:
Final = Cost * (1 + Mark up)
This gives
Final = 245* (1 + 5.75%)
Evaluate
Final = 259.0875
Hence, the final price of the shoe is $259.0875
The final price of the shoe, after tax
In (a), we have:
Final = 259.0875
Given that the tax is 5 3/4%, the final price after tax would be
After tax = Final * (1 + Tax)
So, we have:
After tax = 259.0875 * (1 + 5 3/4%)
Evaluate
After tax = 273.98503125
Hence, the final price of the shoe after tax is $273.98503125
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