EXPLANATION
Price of shoes = $5.50
Markup= 40%
Let's call x to the unknown final price.
The markup percentage relationship is given by the following formula:
[tex]\text{Markup =( }\frac{Selling\text{ Price}-\text{Cost Price}}{\text{Cost Price}})\cdot100[/tex]Replacing terms:
[tex]\text{40}=(\frac{x-5.5}{5.5})\cdot100[/tex]Multiplying both sides by 5.5:
[tex]40\cdot5.5=(x-5.5)\cdot100[/tex]Dividing both sides by 100:
[tex]\frac{40\cdot5.5}{100}=x-5.5[/tex]Adding 5.5 to both sides:
[tex](\frac{40\cdot5.5}{100})+5.5=x[/tex]Simplifyng the fraction:
[tex]2.2+5.5=x[/tex]Adding numbers:
[tex]\text{7}.7\text{ = x}[/tex]Switching sides:
[tex]x=7.7[/tex]Answer: The final price of the shoes in the deparment store is $7.7
