pre-algebra. lesson 6-8 warm-up pre-algebra what is “markup”? how do you find the percent of...
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![Page 1: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/1.jpg)
PRE-ALGEBRA
![Page 2: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/2.jpg)
PRE-ALGEBRA
Lesson 6-8 Warm-Up
![Page 3: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/3.jpg)
PRE-ALGEBRA
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:
Markup and Discount (6-8)
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PRE-ALGEBRA
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. .5.05
14.85
x = 5.05 14.85 = 0.34 = 0 3 4 . = 34%
1
1
The percent of markup 34%.
Markup and Discount (6-8)
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PRE-ALGEBRA
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
The percent of markup 34%.
Markup and Discount (6-8)
![Page 6: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/6.jpg)
PRE-ALGEBRA
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%.
1262.1
2.1m2.1
= Division Property of Equality.
60 = m Simplify.
100 • 1.26 = 2.1m 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.
LESSON 6-8
Additional Examples
# %
Part (Known) 1.26 m
Whole (Unknown) 2.10 100
Markup and Discount
![Page 7: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/7.jpg)
PRE-ALGEBRA
A grocery store has a 20% markup on a can of soup.
The can of soup costs the store $1.25. Find the markup.
markup = percent of markup • store’s cost
= 0.2 • 1.25
= 0.25 Simplify.
The markup is $.25.
Markup and DiscountLESSON 6-8
Additional Examples
![Page 8: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/8.jpg)
PRE-ALGEBRA
How do you find the selling price (regular price)?
To find the selling price, add the markup to the store’s cost.
Example: A music store’s percent of markup is 67%. If a CD cost the store $10.15, what is the selling price of the CD?
Step 1: Find the markup.
markup = 67% of $10.15
= 0.67 • $10.15 Change percent to a decimal, “of” to a“times” sign, and remove labels
6.80 Simplify and round to the nearest cent.
Step 2: selling price = markup + original rice
selling price = $6.80 + $10.15 Substitute
The CD is selling for $16.95.
Markup and Discount (6-8)
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PRE-ALGEBRA
A bookstore pays $4.50 for a novel. The percent of
markup is 45%. Find the novel’s selling price.
0.45 • 4.50 = 2.03 Multiply to find the markup.
4.50 + 2.03 = 6.53 Store’s cost + markup = selling price.
The selling price is $6.53.
Markup and DiscountLESSON 6-8
Additional Examples
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PRE-ALGEBRA
What is “discount”?
How do you find the discount / markdown ?
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:
Markup and Discount (6-8)
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PRE-ALGEBRA
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 (Unknown) d 20
Whole (Known) 85.99 100
= Proportion .d
85.9920
100
100 • x = 85.99 • 20 Cross products are equal.
= Divide both sides by 14.85. .1719.8
100
x = 1719.8 100 17.20
1
1
So, the discount is 17.20%.
Markup and Discount (6-8)
Selling Price (Regular Price) – Discount = Sale Price $85.99. - 17.20 = $68.79
The shoes are on sale for $68.79
First, use a proportion to find the discount.
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PRE-ALGEBRA
Method 2: Find the new percent of the original price.
# %
Part (Unnown) d 80
Whole (Known) 85.99 100
= Proportion .d
85.9980
100
100 • x = 85.99 • 80 Cross products are equal.
= Divide both sides by 14.85. .6879.2
100
x = 6879.2 100 68.79
1
1
Markup and Discount (6-8)
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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PRE-ALGEBRA
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.
LESSON 6-8
Additional Examples
# %
Part (Unknown) 26.24 p
Whole (Known) 74.99 100
Markup and Discount
![Page 14: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/14.jpg)
PRE-ALGEBRA
A camera that regularly sells for $210 is on sale for
30% off. Find the discount.
discount = percent of discount • regular price
= 0.30 • 210
= 63
The discount is $63.
Markup and DiscountLESSON 6-8
Additional Examples
![Page 15: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/15.jpg)
PRE-ALGEBRA
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 Multiply to find the discount.
94.99 – 33.25 = 61.74 regular price – discount = sale price
= $33.25 Round to the nearest hundredth.
Then subtract to find the sale price.
LESSON 6-8
Additional Examples
Markup and Discount
![Page 16: PRE-ALGEBRA. Lesson 6-8 Warm-Up PRE-ALGEBRA What is “markup”? How do you find the percent of markup ? markup (also known as profit): the amount a store](https://reader035.vdocuments.site/reader035/viewer/2022062719/56649ec45503460f94bce080/html5/thumbnails/16.jpg)
PRE-ALGEBRA
Solve.
1. The school store has a 65% markup on each stapler. Each stapler costs the store $2.10. Find the markup.
2. A clothes store pays $40 for a skirt. The percent of markup is 25%. Find the skirt’s selling price.
3. A pair of shoes that regularly sells for $94.99 is on sale for 30% off. What is the sale price?
$1.37
$66.49
$50
Lesson Quiz
Markup and DiscountLESSON 6-8