Ratios and Percents RP. 3.

DO NOW

Standard O 7.RP.3 O Use proportional relationships to solve multistep ratio and percent problems. Examples: simple interest, tax, markups and markdowns, gratuities and commission, fees, percent increase and decrease, percent error.

Markups

What do you think? O Markups vs Markdown O What is the difference? O Think of the steps to find discounts

Markups O Step 1: Multiply the wholesale price by the markup percent.  Markup Price O Step 2: Add the markup price to the wholesale price  Selling Price

Skis have a wholesale price (cost to dealer) of $200, the store marks everything up 120%. What is the selling price O Step 1: Multiply the wholesale price by the markup percent. (200) ( 120%  1.20) = 240 Step 2: Step 2: Add the markup price to the wholesale price  Selling Price $240 + $200 = $440 The selling price is $440.

A store pays $5 for a cap. The percent markup is 70%. What is the selling price? O Step 1: Multiply the wholesale price by the markup percent. ($5)(70% .70) = $3.50 O Step 2: Step 2: Add the markup price to the wholesale price  Selling Price $ = $8.50 $8.50 is the selling price

Turn and Talk 2 Mins. O How is finding the markup price related to what you know about finding discounts?

Example #1 O A store that sells skateboards buys them from a manufacturer at a wholesale price of $57. The store’s markup is 150%. What is the retail price?

Example #2 O A store buys guitars from a manufacturer at a wholesale price of $38. The store’s markup is 85%. What is the retail price? O It’s the holiday season and the same guitar store is now reducing it’s selling price by 20%. What is the new sale price?

Better Buy O Bestbuy buys Kanye’s Yeezus album for $ Bestbuy’s then applies a 67% markup. What is the amount of markup? O Koree’s music store buys Kanye’s Yeezus album for $9.00. Koree then adds a 75% markup. What is the total amount of the CD after the markup? O Between Bestbuy and Koree’s, which is the BETTER buy? How do you know? Explain.

Stop and Jot I don’t think I can do this on my own. I may need a little help remember- ing the steps. I think I can do these word problems just may make a few mistakes. I’m an all star! Give me any problem! Self- Assess: Circle the box that best fits how you feel about discounts and markups: What part of this lesson is confusing? Where do we get stuck?

O It’s the holiday season and everyone is shopping and stores want to maximize profit. You have $500 to buy an Ipad, an xbox, and the new Jordans. You have found an Ipad at Target for $399 before an in store 35% discount. You also saw an Ipad at Bestbuy for $330 with an additional 25% discount. Which is the better deal? O

Group member: Role: Color: 1.) Solver or Evaluator 2.) Solver or Evaluator Directions: Each member of your group has a marker. YOU MUST REMAIN SILENT AND COMMUNICATE THROUGH WRITING!

The Original price of a telescope: $59.99, but it is on sale for the holidays with a discount of 23%. O Partner 1: How much is the sale price of the telescope? O Partner 2: Fix all mistakes. Then, using the rubric below, how well do you think he/she used mathematics to find her answer? O Partner 2:Ask you partner 3 questions about their mathematical thinking: O Partner 2: Now explain your partner’s mathematical thinking in words. O Partner 1: Using the rubric below, how do you think he/she explained her explanation of your work?

Exit Slip O Answer the Following: 1.) Today I Learned to…. 2.) I still need help with….