markups and discounts\n1. a local nonprofit organization is selling popcorn to raise money for hurricane…
markups and discounts\n1. a local nonprofit organization is selling popcorn to raise money for hurricane - relief. the organization paid $4 per bag for the popcorn and sold it for $5 per bag. what was the percent markup on each bag of popcorn?\n2. the high school decided to buy new uniforms for the girls and boys basketball teams. they plan to buy 35 uniforms with a total cost of $1,235. the store offers discounts based on the number of items the school buys, as shown. what will the discounted price be for the high school?\n3. open ended describe a real - life situation involving markup, markdown, or discount that the equation y = x + 0.4x could represent.\nfor problems 4 - 8, find the new price for the markup, markdown, or discount given. round to the nearest cent if necessary.\n4. $6.25 marked up 25%\n5. $13.50 discounted 75%\n6. $112 marked down 40%\n7. $220 marked up 60%\n8. $5,250 marked down 15%
Answer
1.
Explanation:
Step1: Identify the cost and selling - price
The cost price (CP) of each bag of popcorn is $4 and the selling price (SP) is $5.
Step2: Use the percent - markup formula
The percent - markup formula is $\text{Percent Markup}=\frac{\text{SP}-\text{CP}}{\text{CP}}\times100%$. Substitute $\text{SP} = 5$ and $\text{CP}=4$ into the formula: $\frac{5 - 4}{4}\times100%=\frac{1}{4}\times100% = 25%$.
Answer:
25%
2.
Explanation:
Step1: Determine the discount rate
The school is buying 35 uniforms. Since $25\leq35\lt50$, the discount rate is 15%.
Step2: Calculate the discounted price
The original cost is $1235. The discounted price $D$ is calculated as $D=(1 - 0.15)\times1235=0.85\times1235 = 1049.75$.
Answer:
$1049.75
3.
Brief Explanations:
The equation $y=x + 0.4x=(1 + 0.4)x = 1.4x$ represents a 40% markup. A real - life situation could be a store buying a product for $x$ dollars and selling it at a 40% markup. For example, a store buys a shirt for $x = 20$ dollars. The selling price $y$ of the shirt is $y=1.4\times20 = 28$ dollars.
Answer:
A store buys a product for $x$ dollars and marks it up 40% to sell it for $y$ dollars.
4.
Explanation:
Step1: Calculate the markup amount
The markup amount on a $6.25$ item with a 25% markup is $6.25\times0.25 = 1.5625$.
Step2: Calculate the new price
The new price is $6.25+1.5625=7.8125\approx7.81$.
Answer:
$7.81
5.
Explanation:
Step1: Calculate the discount amount
The discount amount on a $13.50$ item with a 75% discount is $13.50\times0.75 = 10.125$.
Step2: Calculate the new price
The new price is $13.50−10.125 = 3.375\approx3.38$.
Answer:
$3.38
6.
Explanation:
Step1: Calculate the markdown amount
The markdown amount on a $112$ item with a 40% markdown is $112\times0.4 = 44.8$.
Step2: Calculate the new price
The new price is $112−44.8 = 67.2$.
Answer:
$67.2
7.
Explanation:
Step1: Calculate the markup amount
The markup amount on a $220$ item with a 60% markup is $220\times0.6=132$.
Step2: Calculate the new price
The new price is $220 + 132=352$.
Answer:
$352
8.
Explanation:
Step1: Calculate the markdown amount
The markdown amount on a $5250$ item with a 15% markdown is $5250\times0.15 = 787.5$.
Step2: Calculate the new price
The new price is $5250−787.5 = 4462.5$.
Answer:
$4462.5