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Do Now 2/11/14

Do Now 2/11/14. Take out your HW from last night. Text p. 245, #1-6 Copy HW in your planner . Text p. 252, #5-14

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Do Now 2/11/14

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  1. Do Now 2/11/14 • Take out your HW from last night. • Text p. 245, #1-6 • Copy HW in your planner. • Text p. 252, #5-14 • In your journal, answer the following question. Give 4 examples in real-life (besides math class) where you use percents. Write and solve a real-life percent problem that you have encountered.

  2. HomeworkText p. 245, #1-6 • 1) Yes • 2) 7.5 h • 3) about $40; $39.25 • 4) No; $7.42 is 37.1% of Marcus’ allowance • 5) $7,872 • 6) No; 6 out of 41 students is only about 14.6% of the students

  3. Objective • SWBAT find, commission, sales tax, and percent of earnings, discounts, markups

  4. Section 6.5 “Percent Applications” Percents can be applied to many everyday ordinary activities: 1) commission 2) tips 3) sales tax 4) percent of earnings 5) revenue and profit 6) manufacturer price and markups 7) sale price and discounts

  5. Commission a fee paid to a person who makes a sale Commission = Commission rate (percentage) Sales x Car salesman Insurance salesman Stock/bond broker Real-estate agent Furniture salesman

  6. Finding a Commission A real-estate agent is paid a monthly salary of $900 plus commission. Last month she sold one apartment for $65,000 earning 4% commission on the sale. How much was her commission? How much money did she make in total for the month? = What is 4% of $65,000? Commission Commission rate Sales x = 4% x $65,000 or = $2,600 Total = Commission Salary + $2,600 + $900 = $3,500 =

  7. Finding a Commission Larry is paid a monthly salary of $2,100 plus commissions. Last month he sold one car for $39,500, earning 3% commission on the sale. How much was his commission. What was his total pay for the month? = What is 3% of $39,500? Commission Commission rate Sales x = 3% x $39,500 or = $1,185 Total = Commission Salary + $1,185 + $2,100 = $3,285 =

  8. Tips 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. Tip = Tip % x Sales

  9. Sales Tax SALES TAX is calculated using a percent of the purchase price. Sales Tax = Tax rate x Purchase price

  10. Sales Tax and Tips The bill for your restaurant meal is $22. You leave a 15% tip and the sales tax is 6%. How much of a tip did you leave the waitress? What is the total cost of your meal? Tip = Tip % x Sales = 15% x 22 Sales Tax = Tax rate x Price = 6% x 22 Total cost Food bill + Sales tax + Tip = + + = $22 $1.32 $3.30 = $26.62

  11. Sales Tax If the sales tax rate is 7.75%, how much tax would Melanie pay if she bought a DVD player for $145.80 and two DVDs for $15.99 each? DVD player = $145.80 2 DVDs @ $15.99 = $31.98 Sales Tax = Tax rate x Price = 0.0775 x $177.78 = $13.78

  12. Percent of Earnings Jorge earns $36,000 yearly. Of that, he pays $12,240 for rent. What percent of Jorge’s earnings goes to rent? $12,240 is what percent of $36,000? 34% of Jorge’s earnings goes to rent.

  13. Revenue and Profit Students wash cars to raise funds for class trips. The class made a profit of $326.60 from last Saturday’s car wash, which was 92% of its revenue. How much was the revenue for the car wash? $326.60 is 92% of what number? The revenue for the car wash was $355.

  14. Shopping and Business Applications Manufacturer Price Sale Price Markup Original Price Retail Price Discount

  15. Markups Modell’s buys Nike brand sneakers from the Nike manufacturer for $40. Modell’s then increases the price by 150%. What is the retail price? also known as a “MARKUP” Retail price = Manufacturer / Wholesale price Amount of Increase + What is 150% of 40? = + 40 or (150% ∙ 40) 60 = 40 + = $100

  16. Discounts You buy a shirt that is on sale for 15% off the original price of $25. What is the sale price? also known as a “DISCOUNT” Original price – Amount of decrease = Sale price What is 15% of 25? – = 25 or (15% · 25) = 25 – 3.75 $21.25 =

  17. Markups Winter Wonders buys snow globes from a manufacturer for $9.20 each sells them at a 95% increase in price. What is the retail price? also known as a “MARKUP” Retail price = Manufacturer / Wholesale price Amount of Increase + What is 95% of $9.20? = + 9.20 or (95% ∙ $9.20) 8.74 = 9.20 + = $17.94

  18. Discounts The regular price of an MP3 player is $79.99. This week the MP3 player is on sale 25% off. What is the sale price? also known as a “DISCOUNT” Original price – Amount of decrease = Sale price What is 25% of 79.99? – = 79.99 or (25% · 79.99) = 79.99 – $20.00 = $59.99

  19. Using a Percent of Change There were about 198,000 spectators at the NCAA Final Four in 1995. The number of spectators increased by about 12% from 1995 to 2002. About how many spectators were there in 2002? Spectators in 2002 = Spectators in 1995 + Amount of increase = 198,000 + (12% · 198,000) = 198,000 + 23,760 = 221,760

  20. Using a Percent of Change In 1983, the average price of CD was $21.50. By 2000, the average price had decreased by 34.8%. What was the average price of a CD in 2000? Price in 2000 = Price in 1983 x Percent of change = $21.50 x (100% – 34.8%) = $21.50 x 65.2% = $14.018 = $14.02

  21. Homework 24 Text p. 252, #5-14, 16 & 17

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