SAMPLE College Math
Now, multiply both numerator and denominator by 5 so that the denominator becomes 100. 1 2 5 0 * 5 5 = 1 7 0 5 0 Letusconsideranothercase,whereyouhavescored65outof75.Nowinthiscase,multiplyanddivide the fraction by 100 and substitute the 100 in denominator as % sign and simplify the same: 6 7 5 5 * 11 00 00 = 6 7 5 5 * 100% = 86. 67% Sometimesweneedtofindthepercentageofaparticularvalue--forexample,calculatinga10%tipona restaurant check of $460. To do this, find 10 percent of $460. Mathematically, 1 1 0 0 0 * 460 = $46 B. Discounts, Markups, and Taxation We all are familiar with the terms like ‘discounts, markups, and taxation.’ Calculating these amounts makesuseofpercentageconceptsintheprevioussection.Forexample,yougotoagrocerystorewhere you see anofferthatifyouspendover$500,yougeta5%discount.If,forexample,youspend$570, then you can find the discount amount by finding 5% OF the total, that is: 1 5 0 0 * 570 = $28. 5 So, you pay 570 less 28.5 = $541.5 Alternatively,weknowthat100%ofavalueisequalto570.Sinceyougetadiscountof5%,youendup paying (100% - 5%) of the purchase price. That is: 1 9 0 5 0 * 570 = $571. 5 Just remember that a decrease in the price of an item (as compared to its list price) is termed as discount. Markupiswhenthepriceofanitemisincreasedfromitsbaseprice.Forinstance,aretailerpurchases itemsfromawholesalerormanufactureratwholesalepriceandthensellsthesameproductsatahigher price. The difference between the two prices is the ‘markup.’ For instance, an apparel outletsources mens denims from the wholesaler at $50, and then addstheirmarkupof60%beforesellingittothe 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: = 1 6 0 0 0 * 50 = $30 Retail price = purchase price + mark up = 50 + 30 = $80 = 75%
© 2023 ACHIEVE ULTIMATE CREDIT-BY-EXAM GUIDE|COLLEGE MATH
27
Made with FlippingBook - Online Brochure Maker