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Take out HW from last night.Take out HW from last night.– Text p. 355, #8-24 evensText p. 355, #8-24 evens
Copy HW in your planner.Copy HW in your planner.– Text p. 360, #8-24 evensText p. 360, #8-24 evens
In your notebook, answer the following In your notebook, answer the following question. In 2008, the average price of question. In 2008, the average price of Playstation3 was $349.99. Now, the average Playstation3 was $349.99. Now, the average price has decreased by 43%. What is the price has decreased by 43%. What is the average price of a Playstation3 now?average price of a Playstation3 now?
Using a Percent of ChangeUsing a Percent of Change
In 2008, the average price of In 2008, the average price of Playstation3 was $349.99. Now, the Playstation3 was $349.99. Now, the average price has decreased by 43%. average price has decreased by 43%. What is the average price of a Playstation3 What is the average price of a Playstation3 now?now?
Price now = Price in 2008 x Percent of change
= $349.99 x (100% – 43%)
= $349.99 x 57%
= $199.49
HomeworkHomework Text p. 355, #8-24 evens Text p. 355, #8-24 evens
8) increase 60%8) increase 60% 10) decrease 77.5%10) decrease 77.5% 12) decrease 44%12) decrease 44% 14) increase 80%14) increase 80% 16) 3116) 31 18) 1418) 14 20) $320) $3 22) a. Alaska; Florida22) a. Alaska; Florida
b. About 10.5% decreaseb. About 10.5% decrease 24) $13,80024) $13,800
ObjectiveObjective SWBAT find markups, discounts, sales SWBAT find markups, discounts, sales
tax, and tipstax, and tips
Where does a store, for example Where does a store, for example Stop & Shop, get products and food Stop & Shop, get products and food from? How does Stop & Shop make from? How does Stop & Shop make money?money?
Section 7.6 “Percent Applications”Section 7.6 “Percent Applications”
Percents can be applied to many Percents can be applied to many everyday ordinary activities: everyday ordinary activities:
1) markups1) markups
2) discounts2) discounts
3) sales tax3) sales tax
4) tips4) tips
MarkupsMarkups
A retailer (store) buys items from A retailer (store) buys items from manufacturers at manufacturers at WHOLESALE PRICESWHOLESALE PRICES. The . The retailer then sells those items to customers retailer then sells those items to customers (you and me) at (you and me) at RETAIL PRICESRETAIL PRICES. .
The increase in price from the The increase in price from the WHOLESALE PRICEWHOLESALE PRICE to the to the RETAIL PRICERETAIL PRICE is how is how a store makes money. This increase is called a store makes money. This increase is called a a MARKUPMARKUP. .
Retail priceRetail price == Wholesale priceWholesale price + + MarkupMarkup
MarkupsMarkups
Modell’s buys Nike brand sneakers Modell’s buys Nike brand sneakers from the Nike manufacturer for $40. from the Nike manufacturer for $40. Modell’s then marks up the price by 150%. Modell’s then marks up the price by 150%. What is the retail price? What is the retail price?
Retail priceRetail price == Wholesale priceWholesale price + + MarkupMarkup
== 4040 + + (150% (150% · 40)· 40)
== 4040 + + 6060
== $100$100
DiscountsDiscounts
A decrease from the original price of an A decrease from the original price of an item to the sale price is a item to the sale price is a DISCOUNTDISCOUNT. The . The discount is calculated using a percent of the discount is calculated using a percent of the original price. original price.
Sale priceSale price == Original priceOriginal price – – DiscountDiscount
DiscountsDiscounts
You buy a shirt that is on sale for You buy a shirt that is on sale for 15% off the original price of $25. What is 15% off the original price of $25. What is the sale price?the sale price?
== 2525 – – (15% (15% · 25)· 25)
== 2525 – – 3.753.75
== $21.25$21.25
Sale priceSale price == Original priceOriginal price – – DiscountDiscount
Sales Tax and TipsSales Tax and Tips
SALES TAXSALES TAX is calculated using a percent is calculated using a percent of the purchase price. of the purchase price.
TIPSTIPS are calculated using a percent of are calculated using a percent of the purchase price. TIPS are calculated ONLY the purchase price. TIPS are calculated ONLY on the food or service bill. Do not include on the food or service bill. Do not include sales tax when finding a tip. sales tax when finding a tip.
Sales Tax and TipsSales Tax and Tips
The bill for your restaurant meal is The bill for your restaurant meal is $22. You leave a 15% tip. The sales tax is $22. You leave a 15% tip. The sales tax is 6%. What is the total cost of your meal?6%. What is the total cost of your meal?
== 2222 + + (6% (6% · 22)· 22)
== 2222 + + 1.321.32
== $26.62$26.62
Total costTotal cost == Food billFood bill + + Sales taxSales tax + + TipTip
+ + (15% (15% · 22)· 22)
+ + 3.303.30
HomeworkHomework Text p. 360, #8-24 evensText p. 360, #8-24 evens
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