Short Answer 
The retail price of the souvenirs is calculated to be $20.30 after increasing the wholesale cost of $7.00 by 290%. After applying an 80% discount, the final price that customers will pay for each souvenir is $4.06.
Step 1: Determine the Retail Price
First, we need to calculate the retail price of the souvenirs based on the wholesale cost. The shop buys each souvenir at a wholesale price of $7.00. To find the retail price, we increase this price by 290%. The calculation is as follows:
- Retail Price = Wholesale Price ‚à öo 290/100
- Retail Price = $7.00 ‚à öo 2.90
- Retail Price = $20.30
Step 2: Calculate the Discounted Price
Once we have the retail price, we can now apply the discount to find out how much each souvenir will cost after the discount. The shop decides to offer a significant discount of 80% off the retail price:
- Discount Amount = Retail Price ‚à öo 80/100
- Discount Amount = $20.30 ‚à öo 0.80
- Price After Discount = Retail Price – Discount Amount
Step 3: Find the Final Price
Lastly, we can calculate the final price after applying the discount. To find the price that customers will pay for each souvenir after the 80% discount, we subtract the discount from the retail price:
- Price After Discount = Retail Price ‚à öo 20/100
- Price After Discount = $20.30 ‚à öo 0.20
- Final Price = $4.06