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Do Now 4/7/11 Take out HW from last night. Copy HW in your planner. Text p. 355, #8-24 evens Copy HW in your planner. Text p. 360, #8-24 evens In your notebook, answer the following question. In 2008, the average price of Playstation3 was $349.99. Now, the average price has decreased by 43%. What is the average price of a Playstation3 now?

Using a Percent of Change In 2008, the average price of Playstation3 was $349.99. Now, the average price has decreased by 43%. What is the average price of a Playstation3 now? Price now = Price in 2008 x Percent of change = $349.99 x (100% – 43%) = $349.99 x 57% = $199.49

Homework Text p. 355, #8-24 evens 8) increase 60% 10) decrease 77.5% 12) decrease 44% 14) increase 80% 16) 31 18) 14 20) $3 22) a. Alaska; Florida b. About 10.5% decrease 24) $13,800

Objective SWBAT find markups, discounts, sales tax, and tips Where does a store, for example Stop & Shop, get products and food from? How does Stop & Shop make money?

Section 7.6 “Percent Applications” Percents can be applied to many everyday ordinary activities: 1) markups 2) discounts 3) sales tax 4) tips

Markups A retailer (store) buys items from manufacturers at WHOLESALE PRICES. The retailer then sells those items to customers (you and me) at RETAIL PRICES. The increase in price from the WHOLESALE PRICE to the RETAIL PRICE is how a store makes money. This increase is called a MARKUP. Retail price = Wholesale price + Markup

Markups Modell’s buys Nike brand sneakers from the Nike manufacturer for $40. Modell’s then marks up the price by 150%. What is the retail price? Retail price = Wholesale price + Markup = + (150% · 40) 40 = 40 + 60 = $100

Markups (Finding a Wholesale Price) Luke buys Nike sneakers from Modell’s for $50.00. Modell’s marked up the price of the sneakers by 90%. What is the wholesale price of the sneakers? Retail price = Wholesale price + Markup = x + (90% · x) 50 = 1x + 0.90x 50 50 1.9x = 1.9x 1.9x $26.32 x =

Discounts A decrease from the original price of an item to the sale price is a DISCOUNT. The discount is calculated using a percent of the original price. = – Sale price Original price Discount

Discounts = – = 25 – (15% · 25) = 25 – 3.75 = $21.25 You buy a shirt that is on sale for 15% off the original price of $25. What is the sale price? = – Sale price Original price Discount = 25 – (15% · 25) = 25 – 3.75 = $21.25

Discounts (Finding the Original Price) You buy a DVD player on sale for $150. The sale was for 25% off. What is the original price? = – Sale price Original price Discount = x – (25% · x) 150 = 1x – 0.25x 150 150 0.75x = 0.75x 0.75x $200 x =

Sales Tax and Tips SALES TAX is calculated using a percent of the purchase price. TIPS are calculated using a percent of the purchase price. TIPS are calculated ONLY on the food or service bill. Do not include sales tax when finding a tip.

Sales Tax and Tips = + + = 22 + (6% · 22) + (15% · 22) = + + 22 1.32 The bill for your restaurant meal is $22. You leave a 15% tip. The sales tax is 6%. What is the total cost of your meal? = + + Total cost Food bill Sales tax Tip = 22 + (6% · 22) + (15% · 22) = + + 22 1.32 3.30 = $26.62

24 Homework Text p. 360, #8-24 evens