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

ALGEBRA READINESS

LESSON 7-5Warm Up Lesson 7-5 Warm-Up

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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)

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Example: An electronics store orders a set of walkie-talkies for $14.85 each and sells each set for $19.90. What is the percent of markup?

Method 1: Proportion

# %

Part (Known) 5.05 m

Whole (Unknown) 14.85 100

= Proportion .5.05

14.85x

100

14.85 • x = 5.05 • 100 Cross products are equal.

19.90 – 14.85 = 5.05 Find the markup (amount of increase)

= Divide both sides by 14.85. .14.85x14.85

5.0514.85

x = 5.05 14.85 = 0.34 = 0 3 4 . = 34%1

1

So, the percent of markup 34%.


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How do you find the percent of a number?

Method 2: Divide the markup by the original amount (store’s cost)

0 3 4 . = 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)

5.0514.85 0.34

19.90 – 14.85 = 5.05 Find the markup

So, the percent of markup 34%.


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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%.

2.1m2.1

1262.1

= Division Property of Equality.

m = 60 Simplify.

2.1 • m = 1.26 • 100 Write the cross products.

1.262.1

m100

= Write a proportion.Let m = percent of markup.

3.36 – 2.10 = 1.26 Find the amount of markup.

Applications of PercentLESSON 7-5

Additional Examples

# %

Part (Known) 1.26 m


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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:


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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


= Proportion .d

85.9920

100

100 • x = 85.99 • 20 Cross products are equal.

= Divide both sides by 14.85. .100x100

1719.8100

x = 1719.8 100 17.20 1

1

So, the discount is $17.20.

Selling Price (Regular Price) – Discount = Sale Price $85.99 - $17.20 = $68.79The shoes are on sale for $68.79

First, use a proportion to find the discount.


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Method 2: Find the new percent of the original price.

# %

Part (Known) d 80


= Proportion .d

85.9980

100

100 • x = 85.99 • 80 Cross products are equal.

= Divide both sides by 14.85. .100x100

6879.2100

x = 6879.2 100 68.79

1

1

The shoes are on sale for $68.79

100% – 20% = 80% Find the new percent after the percent of change

Now, find the new percent of the original price. You can use aproportion or an equation to do this.


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Find the percent of discount for a $74.99 tent that

is discounted to $48.75.

The percent of discount for the tent is about 35%.

74.99p74.99

2,62474.99

= Division Property of Equality.

74.99 • p = 26.24 • 100 Write the cross products.

26.2474.99

p100

= Write a proportion.

74.99 – 48.75 = 26.24 Find the amount of discount.

p 35 Simplify.


Additional Examples

# %

Part (Known) 26.24 p


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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 $61.74.

0.35 • 94.99 = 33.2465 “of” means “times”, so multiply to find the discount.

94.99 – 33.25 = 61.74 regular price – discount = sale price

= $33.25 Round to the nearest hundredth (cents) place.

Then subtract to find the sale price.


Additional Examples

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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? $9.90

3. A sweater regularly sells for $49. It is on sale for 20% off. What is the sale price? $39.20

4. You buy a baseball cap for $13. This price is 35% off the regular price. Find the regular price. $20.00


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

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