# Exercise Write the percent formula. percent x whole = part.

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Exercise Write the percent formula. percent x whole = part

Exercise What is 17% of 30? 5.1

Exercise What percent of 30 is 24? 80%

Exercise 70% of what number is 35? 50

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

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

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%

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

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

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%

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

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

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

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

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

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

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

markup = markup rate x cost

retail price = cost + markup

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

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.

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%

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%

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

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%.

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

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

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

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

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.

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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