00:01
Okay, so retail prices are obtained by marking up the wholesale price by 60%.
00:06
So, retail price is obtained by adding 60 % of the wholesale price to the wholesale price.
00:14
So, for instance, if we have the wholesale price of a suit is $400 or whatever currency you're working in, then we would consider that to be 100 % of the wholesale price.
00:26
And what we eventually want to work towards is 160 % of the wholesale price, because that's 60 % added on to the wholesale price.
00:35
So, what we can do is work out 10 % of the wholesale price.
00:40
So, that's going to be 400 divided by 10.
00:43
That gives us 40.
00:44
And then to get from 10 to 160, we just have to multiply it by 16.
00:50
So, to do that, you just do 40 times 16.
00:53
I'm doing that to both sides, and you get 640...