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MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation Quick review of some basic facts about percent.

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Presentation on theme: "MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation Quick review of some basic facts about percent."— Presentation transcript:

1 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation Quick review of some basic facts about percent.

2 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

3 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

4 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

5 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

6 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

7 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

8 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

9 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

10 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent.

11 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent. To change a percent to a decimal, drop the percent sign and move the decimal 2 places to the left.

12 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent. To change a percent to a decimal, drop the percent sign and move the decimal 2 places to the left.

13 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent. To change a percent to a decimal, drop the percent sign and move the decimal 2 places to the left. To change a decimal to a percent, move the decimal 2 places to the right and add the percent sign.

14 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT means “per hundred” so… Quick review of some basic facts about percent. To change a percent to a decimal, drop the percent sign and move the decimal 2 places to the left. To change a decimal to a percent, move the decimal 2 places to the right and add the percent sign.

15 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent.

16 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140?

17 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140? PERCENT X BASE = AMOUNT

18 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140? PERCENT X BASE = AMOUNT 0.35 35% written as a decimal

19 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140? PERCENT X BASE = AMOUNT 0.35 X

20 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140? PERCENT X BASE = AMOUNT 0.35 X 140 What you are taking a percent of

21 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140? PERCENT X BASE = AMOUNT 0.35 X 140 = AMOUNT

22 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140? PERCENT X BASE = AMOUNT 0.35 X 140 = AMOUNT 49 = AMOUNT

23 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. What is 35% of 140? PERCENT X BASE = AMOUNT 0.35 X 140 = AMOUNT 49 = AMOUNT So, 35% of 140 is 49.

24 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number?

25 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT

26 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT 0.18 18% written as a decimal

27 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT 0.18

28 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT 0.18 X BASE = 63 We are looking for the ‘of’ number (the base) so 63 must be the AMOUNT.

29 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT 0.18 X BASE = 63

30 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT 0.18 X BASE = 63

31 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT 0.18 X BASE = 63

32 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 63 is 18% of what number? PERCENT X BASE = AMOUNT 0.18 X BASE = 63 So, 63 is 18% of 350.

33 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640?

34 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT

35 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT PERCENT X 640 What you are taking a percent of

36 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT PERCENT X 640 =

37 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT PERCENT X 640 = 288 We are looking for the percent so 288 must be the AMOUNT.

38 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT PERCENT X 640 = 288

39 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT PERCENT X 640 = 288

40 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT PERCENT X 640 = 288

41 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation BASIC PERCENT EQUATION: PERCENT X BASE = AMOUNT Quick review of some basic facts about percent. 288 is what percent of 640? PERCENT X BASE = AMOUNT PERCENT X 640 = 288 So, 288 is 45% of 640.

42 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity.

43 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change.

44 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is

45 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 To find this, we first must calculate the AMOUNT of change.

46 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000

47 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 So, Jane’s PERCENT INCREASE in salary is:

48 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 So, Jane’s PERCENT INCREASE in salary is:

49 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 So, Jane’s PERCENT INCREASE in salary is:

50 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 So, Jane’s PERCENT INCREASE in salary is:

51 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $40,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 So, Jane’s PERCENT INCREASE in salary is:

52 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $45,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 So, Jane’s PERCENT INCREASE in salary is:

53 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. To find this, we first must calculate the AMOUNT of change. To calculate the PERCENT change, just divide the AMOUNT of change by the original salary (the base). For example, if Jane’s salary went from $45,000 last year to $50,000 this year, then the AMOUNT of change is $50,000 ― $40,000 = $10,000 So, Jane’s PERCENT INCREASE in salary is:

54 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity.

55 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. In the previous example, Jane’s percent change in salary was called a ‘percent increase’. That’s because the ‘New Amount’ was larger than the ‘Base Amount’ and the resulting calculation came out positive (25%).

56 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Often, we are interested in the percent of change in a quantity. In the previous example, Jane’s percent change in salary was called a ‘percent increase’. That’s because the ‘New Amount’ was larger than the ‘Base Amount’ and the resulting calculation came out positive (25%). Had the ‘Base Amount’ been larger (resulting in a negative quantity), the percent change could be called a ‘percent decrease’.

57 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest?

58 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest?

59 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest?

60 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339

61 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339

62 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339

63 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339 $23295

64 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339 $23295

65 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339 $23295 ―

66 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339 $23295 $21339 $23295 ―

67 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339 $23295 $21339 $23295 ―

68 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339 $23295 $21339 $23295 ―

69 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation PERCENT CHANGE Al’s Auto is advertising that all cars are sold at a 5% markup over dealer cost. If Al’s dealer cost is $21339 and he is selling the car for $23295, is Al being honest? $21339 $23295 $21339 $23295 ― No. Al is NOT being honest!

70 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes.

71 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. Find the line in the table that includes June’s amount of taxable income.

72 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. Find the line in the table that includes June’s amount of taxable income.

73 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650

74 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650 The amount of taxable income over $30650 is $41458 - $30650 = $10808.

75 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650 The amount of taxable income over $30650 is $41458 - $30650 = $10808.

76 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650 The amount of taxable income over $30650 is $41458 - $30650 = $10808.

77 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650 The amount of taxable income over $30650 is $41458 - $30650 = $10808. $10808

78 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650 $10808 Tax = $4220 + 0.25($10808) = $4220 + $2702 = $6922

79 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650 $10808 Tax = $4220 + 0.25($10808) = $4220 + $2702 = $6922

80 MATH 110 Sec 8-1 Lecture: Percents, Taxes and Inflation TAXES June is unmarried with a taxable income of $41,458. Use the table below to find the amount of income tax she owes. So according to this table, the tax is $4,220.00 + 25% of the amount over $30,650 $10808 Tax = $4220 + 0.25($10808) = $4220 + $2702 = $6922

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