College Math

15 20 ∗ 5 5 = 75 100 = 75% Let us consider another case, where you have scored 65 out of 75. Now in this case, multiply and divide the fraction by 100 and substitute the 100 in denominator as % sign and simplify the same: 65 75 ∗ 100 100 = 65 75 ∗ 100 % = 86.67% Sometimes we need to find the percentage of a particular value--for example, calculating a 10% tip on a restaurant check of $460. To do this, find 10 percent of $460. Mathematically, 10 100 ∗ 460 = $46 2.2 Discounts, Markups, and Taxation We all are familiar with the terms like ‘discounts, markups, and taxation.’ Calculating these amounts makes use of percentage concepts in the previous section. For example, you go to a grocery store where you see an offer that if you spend over $500, you get a 5% discount . If, for example, you spend $570, then you can find the discount amount by finding 5% OF the total, that is: 5 100 ∗ 570 = $28.5 So, you pay 570 less 28.5 = $541.5 Alternatively, we know that 100% of a value is equal to 570. Since you get a discount of 5%, you end up paying (100% - 5%) of the purchase price. That is: 95 100 ∗ 570 = $571.5 Just remember that a decrease in the price of an item (as compared to its list price) is termed as discount. Markup is when the price of an item is increased from its base price. For instance, a retailer purchases items from a wholesaler or manufacturer at wholesale price and then sells the same products at a higher price. The difference between the two prices is the ‘markup.’ For instance, an apparel outlet sources mens denims from the wholesaler at $50, and then adds their markup of 60% before selling it to the customers. What is the retail price? Now, we can calculate the same in two ways. First, calculate the amount of markup and add to the purchase price. That is:

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