wholesale price for a pillow is \( \$ 5.50 \). A certain department store marks up the wholesale price by \( 70 \% \). Find the price of the pillow in the depar und your answer to the nearest cent, as necessary.

To find the selling price of the pillow at the department store, we first need to calculate the markup. A \( 70 \% \) markup on the wholesale price of \( \$ 5.50 \) can be calculated as follows: Markup = \( \$ 5.50 \times 0.70 = \$ 3.85 \). Now, we add the markup to the wholesale price to find the final price: Selling Price = \( \$ 5.50 + \$ 3.85 = \$ 9.35 \). So, the price of the pillow in the department store is \( \$ 9.35 \). Did you know that the concept of markups has been around for centuries? Merchants throughout history have always needed to set prices that cover their costs while also making a profit. The first establishments that operated like modern department stores appeared in the late 19th century, revolutionizing the way people shop. When pricing an item, it’s crucial to avoid common pitfalls. One common mistake sellers make is not considering their total costs, including overheads like rent and utilities. Always calculate your total expenses before setting the markup to ensure sustainability. Happy pricing!