2. 7.6 Percent Applications: Finding a Retail Price A street vendor buys bracelets from a manufacturer for $7 each. The vendor marks up the price by 150%. What is the retail price? Retail Price = Wholesale Price + Markup Retail Price = Wholesale Price *(100% + Markup Percent ) = 7 + 150% * 7 = 7 + (100% + 150% ) = 7 + 1.5 * 7 = 7 + 10.5 = 17.5 = 7 * 250% = 7 * 2.5 = 17.5
3. 7.6 Percent Applications: Finding a Sale Price You buy an electric organizer that is on sale for 15% off the original price of $25. What is the sale price? Sale Price = Original Price - Discount Sale Price = Original Price *(100% - Discount Percent ) = 25 - 15% * 25 = 25 - (100% - 15% ) = 25 - .15 * 25 = 25 – 3.75 = 21.25 = 25 * 85% = 25 * .85 = 21.25
4. 7.6 Percent Applications: Using Sale Tax and Tips 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 = Food bill + Sales Tax + Tip = 22 + 6% * 22 + 15% * 22 = 26.62 = 22 + 0.06 * 22 + 0.15 * 22 = 22 + 1.32 + 3.3
5. 7.6 Percent Applications: Finding an Original Amount A furniture store marks up the wholesale price of a desk lamp by 80%. The retail price is $35. What is the wholesale price? Retail Price = Wholesale Price *(100% + Markup Percent ) 35 = x *(100% + 80% ) 35 = x * (180%) 35 = x * 1.8 19.44 ≈ x
6. 7.6 Percent Applications: Equations: Sale Price = Original Price - Discount Retail Price = Wholesale Price *(100% + Markup Percent ) Retail Price = Wholesale Price + Markup Sale Price = Original Price *(100% - Discount Percent ) Total = Food bill + Sales Tax + Tip Retail Price = Wholesale Price *(100% + Markup Percent )
