1. 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 $ Now, the average price has decreased by 43%. What is the average price of a Playstation3 now?

2. Using a Percent of Change
In 2008, the average price of Playstation3 was $ 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

3. 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

4. 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?

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

6. 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

7. 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

8. Markups (Finding a Wholesale Price)
Luke buys Nike sneakers from Modell’s for $ 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 =

9. 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

10. 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

11. 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 =

12. 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.

13. 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

14. 24
Homework
Text p. 360, #8-24 evens