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Published byBrent Walker Modified over 8 years ago

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Exercise Write the percent formula. percent x whole = part

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Exercise What is 17% of 30? 5.1

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Exercise What percent of 30 is 24? 80%

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Exercise 70% of what number is 35? 50

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Exercise If you remove 30% of the items, what percent of the items are left? 70%

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Example 1 Find the discount and sales price if the retail price is $27.80 and the discount rate is 15%. discount = rate x retail price discount = 0.15(27.80) = $4.17 sale price = retail – discount sale price = $27.80 – $4.17 = $23.63

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Example 2 An item originally priced at $45 sold for $ What was the discount rate? 45 – = $12.15 rate x retail price = discount 45p = 12.15 45 p = 0.27 = 27%

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Example Find the discount if the retail price is $50 and the discount rate is 18%. $9

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Example Find the discount rate if the retail price is $75 and the discount is $15. 20%

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**discount: $25 discount rate: 31.25%**

Example Find the discount and the discount rate if the retail price is $80 and the item is on sale for $55. discount: $25 discount rate: 31.25%

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Example During a going-out-of-business sale, a company decides to reduce its merchandise 10% per week until it is all sold. For example, a $100 item sells for $90 the first week, $81 the second week, and so on. What is the cost of a $250 TV set if is still there the third week? $182.25

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Example What is the retail price if the sale price is $80 after a 33% discount? $119.40

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Example What is the retail price if the cost is $40 and the markup rate is 25%? $50

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Cost Cost is the amount a merchant pays for the merchandise he will sell.

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Retail Price Retail price is the regular amount a merchant asks his customer to pay for merchandise.

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Markup Markup is the amount the merchant adds to his cost to arrive at the retail price.

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Markup Rate Markup rate is the amount of markup on an item as a percent of its cost.

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**markup = markup rate x cost**

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**retail price = cost + markup**

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Example 3 A merchant buys shirts at $28 each and uses a 25% markup rate. Find the markup amount and retail price. markup = markup rate x cost = 0.25(28) = $7 retail price = cost + markup = = $35

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Example 4 A merchant buys ties for $15 and sells them for $18. Find the markup and markup rate. cost + markup = retail price 15 + m = 18 15 + m – 15 = 18 – 15 m = 3 The markup is $3.

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Example 4 A merchant buys ties for $15 and sells them for $18. Find the markup and markup rate. markup rate x cost = markup p x 15 = 3 The markup rate is 20%. 15p = 3 15 p = 0.2 = 20%

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**markup: $20; markup rate: 44.4%**

Example If the cost is $45 and the retail price is $65, what is the markup and the markup rate? markup: $20; markup rate: 44.4%

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Example In an “everything is a dollar” store, what is the most a store owner can buy his merchandise for if he wishes to make a 20% profit? $0.83

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Exercise Jody wants to buy a road bike for racing. The manager of OutBike bicycle shop just got in a new shipment of road bikes, and the one Jody is interested in costs the store $1,480. The manager marks the bike up 40%.

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Exercise What is the retail price of the road bike that Jody is interested in? $2,072

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Exercise After three months the manager advertises a 20% off sale on all bikes in the store. How much would the bike that Jody wants cost during this sale? $1,657.60

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Exercise Three months after the first sale the manager takes an additional 20% off the sale bikes. How much would the bike cost at this point? $1,326.08

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**40% off the original price**

Exercise Jody talked to the manager about the bike, and he told her she could have the bike for either 40% off the original price or the price after both 20% discounts are taken off. Which should she choose? 40% off the original price

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Exercise Why is the price after two 20% discounts are taken of different from the price when a 40% discount is taken off? The second 20% is figured on the sale price, which is smaller than the original retail price.

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Exercise How does the 40% discount compare to the cost of the bike before the markup? Why are these amounts different? The 40% discount is figured on the higher retail price, whereas the 40% markup is figured on the lower cost.

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