ALGEBRA READINESS LESSON 7-5 Warm Up Lesson 7-5 Warm-Up

ALGEBRA READINESS LESSON 7-5 Warm Up Lesson 7-5 Warm-Up

ALGEBRA READINESS What is “markup”? How do you find the percent of markup ? Markup (also known as Profit): the amount a store adds to the amount it paid for an item (the store’s cost), so the store can make a profit. The selling price is the amount the store sells an item for after markup. The percent of markup is a percent of increase or the difference between the store’s cost and the selling price. Rule:store’s cost + markup = selling price To find the markup, find the percent of increase using a proportion or by dividing the amount of markup by the store’s original cost. Rule: Applications of Percents (7-5)

ALGEBRA READINESS Example: An electronics store orders a set of walkie-talkies for $14.85 each and sells each set for $ What is the percent of markup? Method 1: Proportion #% Part (Known)5.05 m Whole (Unknown) = Proportion x x = Cross products are equal – = 5.05 Find the markup (amount of increase) = Divide both sides by x x = 5.05  = 0.34 = = 34% 1 1 So, the percent of markup 34%. Applications of Percents (7-5)

ALGEBRA READINESS How do you find the percent of a number? Method 2: Divide the markup by the original amount (store’s cost) = 34% Multiply by 100, which means move the decimal 2 places to the right to change a decimal into a percent. = Divide the markup by the store’s cost. (original amount of the item) – = 5.05 Find the markup So, the percent of markup 34%. Applications of Percents (7-5)

ALGEBRA READINESS Find the percent of markup for a stapler costing the school store $2.10 and selling for $3.36. The percent of markup is 60%. 2.1m = Division Property of Equality. m = 60 Simplify. 2.1 m = Write the cross products m 100 =Write a proportion. Let m = percent of markup – 2.10 = 1.26 Find the amount of markup. Applications of Percent LESSON 7-5 Additional Examples #% Part (Known)1.26 m Whole (Unknown)

ALGEBRA READINESS What is “discount”? How do you find markup ? Discount (also called the Markdown): the amount a store subtracts from the selling price, so the store can sell an item quickly. The sale price is the new price after the discount is taken off. amount. The percent of discount (markdown) is a percent of decrease or the difference between the selling price and the sale price. Rule: selling price (regular price) - discount = sale price To find the discount, find the percent of decrease using a proportion or by dividing the amount of discount (markdown) by the store’s original cost similar to the way you found the percent of markup. Rule: Applications of Percents (7-5)

ALGEBRA READINESS Example: Athletic shoes that normally sell for $85.99 are on sale for 20% off. What is the sale price of the shoes. Method 1: Selling Price (Regular Price) – Discount = Sale Price #% Part (Known)d 20 Whole (Unknown) = Proportion. d x = Cross products are equal. = Divide both sides by x x =  100  So, the discount is $ Selling Price (Regular Price) – Discount = Sale Price $ $17.20 = $68.79 The shoes are on sale for $68.79 First, use a proportion to find the discount. Applications of Percents (7-5)

ALGEBRA READINESS Method 2: Find the new percent of the original price. #% Part (Known)d 80 Whole (Unknown) = Proportion. d x = Cross products are equal. = Divide both sides by x x =  100  The shoes are on sale for $ % – 20% = 80% Find the new percent after the percent of change Now, find the new percent of the original price. You can use a proportion or an equation to do this. Applications of Percents (7-5)

ALGEBRA READINESS Find the percent of discount for a $74.99 tent that is discounted to $ The percent of discount for the tent is about 35% p , = Division Property of Equality p = Write the cross products p 100 = Write a proportion – = Find the amount of discount. p 35 Simplify. Applications of Percent LESSON 7-5 Additional Examples #% Part (Known)26.24 p Whole (Unknown)

ALGEBRA READINESS A shoe store advertises a 35%-off sale. What is the sale price of shoes that regularly cost $94.99? Find the discount first. 35% of $94.99 equals the discount. The sale price is $ = “of” means “times”, so multiply to find the discount – = regular price – discount = sale price = $33.25 Round to the nearest hundredth (cents) place. Then subtract to find the sale price. Applications of Percent LESSON 7-5 Additional Examples

ALGEBRA READINESS 1. A pair of shoes costs the store $40. The store sells them for $65. What is the percent markup? 62.5% 2. A school service club sells calendars. Each calendar costs the club $5.50. The club marks up the price 80%. What is the selling price of each calendar? $ A sweater regularly sells for $49. It is on sale for 20% off. What is the sale price? $ You buy a baseball cap for $13. This price is 35% off the regular price. Find the regular price. $20.00 Applications of Percent LESSON 7-5 Lesson Quiz