Type 2: Discount Problem Suppose a sweater that is regularly priced at $36 is on sale for 25% off. To find the sale price, we must first find the amount to be taken off the original price, which is the discount amount. Discount = 25% of $36 = 0.25(36) = 9 Sale price = original price - discount = $36 - $9 = $27 Type 3: Markup Problem Suppose a bookstore pays $80 for a textbook. Then the bookstore has a markup of 40% to sell to the customer. What is the selling price of the book? To find the price of the book, we must find the amount of the markup. Markup = 40% of $80 = 0.40(80) = 32 Selling price = cost + markup = $80 + $32 = $112 Type 4: Percent Increase or Decrease If a salary increased from $30,000 to $35,000, what percent increase does this represent? To find the percent increase, we must find the change in the values and divide this by the original value. New amount - original amount original amount = 35,000 - 30,000 30,000 = 5000 30,000 = 0.1667 So, the salary increased by 16.67%. Objective 1 Examples Write an equation that represents each situation. Solve the equation and answer the question in a complete sentence. 1a. According to Oprah’s Debt Diet, how a family should spend their monthly income is based on this pie chart. If a family following this “diet” spends $1400 on housing each month, what is their monthly income? (Source: www.oprah.com) Solution 1a. What is unknown? The monthly income is unknown. Let x = monthly income. ousing 35 rans ortation 15 ebt 15 ther iving enses 25 avings 10 152 Chapter 2 Linear Equations and Inequalities in One Variable
hendricks_beginning_intermediate_algebra_1e_ch1_3
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