5. A belt manufacturer believes consumers will pay $25.00 for one of its belts. The belts are first sold to a wholesaler who then sells them to a retailer. The manufacturer’s markup to wholesalers is 25 percent, and the wholesalers take a markup of 15 percent in selling to retailers. What price did the wholesalers and retailers pay for the belts? Use the demand-based pricing method to arrive at the prices.