Percent lesson

Bell Work and Vocabulary Vocabulary: Surface Area- The total area of the surface of a three-dimensional object.

Standard Today’s specific goal will focus on markups and markdowns!

Percent  What is a percent? A percent is ratio comparing a number to 100. The key to this is 100!!

Percent Review!

Percent review!  Now you try it!

Standard Today’s specific goal will focus on markups and markdowns!

What is a Markup? What does it mean to markup a product? (The business owners start with the price initially paid to get the item and adds an amount to set the price for the customer.) Why do companies markup products? (Companies markup products to make profit and collect enough money to cover their expenses including utilities and employees.) How do you think they figure out how much to markup an item? (They may have a set percent that they mark up all items, for example 50%.)

Example of a markup  This soccer ball costs Academy $12.00 to buy. Academy is going to make a profit by marking it up 50%.  The price of the soccer ball will be the markup. $12 * 50% = $6 (cost multiplied by percent = markup) ( 12 *.50 ) $12 + $6 = $18 (cost plus markup = price)

What is a Markdown? (The business owners start with price initially paid to get the item ) What does it mean to markdown a product?

Example of a markdown  This soccer ball costs $ Academy is putting it on sale for 10% off.  The new price of the soccer ball will be the markdown. $20 * 10% = $2 (cost multiplied by percent = markdown) (20 *.10) $20 – $2 = $18 (cost minus discount = sale price)

For both items you multiply the starting cost by the percent. For mark ups - add the Initial Cost and the Mark up For mark downs- subtract the Store Price and the Mark down (discount)

Shopping Percents Project Work in a group to create a shopping flier for a store. You will use the process for mark downs to create the fliers.

Shopping Percents Project  Each group of 2 or 3 will hand in the following: ● 1 shopping flier with 5 items, prices, and discounts on them ●1 answer key with the sale prices of each item with all calculations

Directions:  1. On a blank sheet of paper, make a sale flier for a store that you create. Be sure to include a creative store name.  2. Cut out and glue 5 pictures on your circular and include the original price. Make sure to include a different percent off price for each item! Also include the name of each item.  3. Make sure everything is neat and spelled correctly. You may want to include a short description of each item if time permits.  4. On the answer key paper, show all work and find the sale price of each item in your flier based on the discount that you give them. Make sure this is neat. You can use a calculator to check after you show me all the work.  5. We will present the circulars and the class will check your math!

Examples!!

Questions to consider while in groups! *What percentages are you using and how will these percentages effect your chosen items? *What do the numbers represent in your problem? *What unit is being used? *How did you get your answer? *Does your answer seem reasonable? Why or why not? *How can you test your solution and verify your answer is correct?

Extension  If the tax rate was 8%, what would be the final cost for all 5 of your items?

Homework  Create an equation that you could use to solve the mark downs.  Make sure to use a variable

Standard Today’s specific goal will focus on markups and markdowns!

Exit Ticket  Partner Share  Tommy thinks 30% of 49 is approximately 40. Is this a reasonable guess? Explain why.