Mark Up And Discount

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Chapter 6 Section 8 Mark Up And Discount. Hint: Tip is found the same was as markup (Tip is markup).

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Mark Up And Discount

  1. 1. Chapter 6, Section 8: Markup and Discount <ul><li>Warm Up: Write an equation and solve. Round to hundredths as needed. </li></ul><ul><li>What is 75% of $82? </li></ul><ul><li>What is 42% of $170? </li></ul><ul><li>What is 5.5% of $24? </li></ul><ul><li>What is 80% of $15.99? </li></ul><ul><li>$61.50 </li></ul><ul><li>$71.40 </li></ul><ul><li>$1.32 </li></ul><ul><li>$12.79 </li></ul>
  2. 2. Finding Markups <ul><li>To make a profit, stores charge more for merchandise than they pay for it. </li></ul><ul><li>The amount of increase is called MARKUP. </li></ul><ul><li>The percent of increase is the PERCENT OF MARKUP. </li></ul><ul><li>(Much like Percent of Increase). </li></ul>
  3. 3. The Music Store <ul><li>A music store’s percent of markup is 67%. A CD costs the store $10.50. Find the markup. </li></ul><ul><li>Markup = percent of markup • store’s cost </li></ul><ul><li>= 0.67 • 10.50 </li></ul><ul><li>Markup = $6.80 </li></ul>
  4. 4. The Clothing Store <ul><li>A clothing store pays $56 for a jacket. The store’s percent of markup is 75%. Find the markup for the jacket. </li></ul>Jacket is marked up $42.
  5. 5. Selling Price <ul><li>Store’s Cost + Markup = the Selling Price. </li></ul><ul><li>If the markup for the CD is $6.80 and it costs the store $10.50, how much do you pay? </li></ul><ul><li>If the jacket costs the store $56 and the markup is $42, how much do you pay? </li></ul>
  6. 6. The Sporting Goods Store <ul><li>A store pays $5 for a baseball cap. The percent of markup is 70%. Find the selling price of the cap. </li></ul><ul><li>.70 • $5 = $3.50 </li></ul><ul><li>$3.50 + $5 = $8.50 </li></ul>
  7. 7. Finding Discount <ul><li>There are TWO Methods </li></ul><ul><li>1 st Method: Find the Discount, Then find the sale price. </li></ul><ul><li>2 nd Method: Find the Sale Price Directly. </li></ul>
  8. 8. Method 1: Two Step Method <ul><li>Discount = percent of discount • original price. </li></ul><ul><li>= 0.20 (20%) • $39.95 </li></ul><ul><li>= $7.99 </li></ul><ul><li>Sales Price = Original Price – Discount </li></ul><ul><li>= $39.95 - $7.99 </li></ul><ul><li>= $31.96 is the price you pay after discount. </li></ul>
  9. 9. Method 2: One Step Method <ul><li>Find the sale price directly. </li></ul><ul><li>The sales price equals 100% of the original price, minus 20% of the original price. </li></ul><ul><li>Sale Price = (100% - 20%) • Original Price </li></ul><ul><li>= .80 (or 80%) • Original Price </li></ul><ul><li>= .80 • $39.95 </li></ul><ul><li>Sale Price = $31.96 </li></ul>
  10. 10. Assignment #24 <ul><li>Page 322: 1-18 all </li></ul><ul><li>Page 323: 1-8 all. </li></ul>

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