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Percent means per 100 or out of a hundred. The you the sneaker this amount is the selling price.

symbol, %, is used to represent percentage. If in a Therefore, the $4500 can be viewed from two

sample of 100 students, 32 students were above the perspectives: the person who is selling the sneakers

age of 15 years, this can be stated as 32 per 100 or and the person who is buying the sneakers. In the

simply 32%. As a fraction, a percent has a former, $4500 is the selling price but in the latter it is

17 the cost price.

denominator of 100, e.g. 17% =

100

Profit and Loss

Operations with percentages

The person who sold the pair of sneakers, called the

Working with percentage is fairly easy. You can be vendor had purchased the sneakers previously and

asked to do one of several things: had paid a cost price himself. Now he resells the

sneakers at a new price which is the selling price. If

To find what percent is one number of another he sells the sneaker for more than what he paid for it,

the extra money made is called a profit. If however,

Example 1: What percentage is 45 of 120? he sells it for a price lower than what it cost him, then

he made a loss. Calculating profit and loss is done

Of means to multiply. Make a fraction of the two with respect to only one person, the vendor who buys

numbers with the number that follows of as the and sells items.

denominator, and then multiply by 100%. Profit = Selling price (S.P) Cost price (C.P)

Loss = Cost price (C.P) Selling price (S.P)

Both profit and loss can be expressed either in

dollars, or as a percentage of the cost price.

Finding percentages of values

100, then multiply the number that follows the of by

the fraction. Example 1:

A shopkeeper buys eggs in bulk for $15 each. He

sells them for $20 each. Calculate the profit on each

egg in dollars, and as a percentage of the cost price.

= $5 on each egg

The decimal point is moved two places to the left

when you convert from a percent (60%) to a decimal

(0.60). Some more examples are:

25% = 0.25

114% = 1.14 Example 2:

0.5% = 0.005 Dejaughn sold his used CXC Chemistry book for

$600, making a 15% loss. What was the cost price of

To change from decimal to percent the book, and what is the loss in dollars?

The point is moved two places to the right, e.g. Losing 15% means that he only recovered 85% of the

2.3 as a percent is 230%. cost of the book.

Converting from percent to a fraction Therefore 85% of the cost price is the selling price.

fraction. To make the fraction, we match the number

of decimal places with the number of zeroes behind 1.

40

For instance: 40% = 0.40 =

100

Or Example 3:

Maggie sold a pair of jeans for $2100 making a profit

of 20%. How much did Maggie paid for the jeans?

Again, the cost price is required. Since Maggie made

a profit she recovered the cost she paid (100% of it)

To change from fraction to percentage, we plus some extra cash as profit (20%).

multiply the fraction by 100%. This means that altogether Maggie gain 120% of the

3

Example 3: Change to percentage cost price when she sold the jeans for $2100.

4

in the purchasing of an item. Lets say you purchased

Maggie paid $1750

Sales Tax

Sales tax is a charge applied to the selling of goods

and services, e.g. general consumption tax (G.C.T)

and value-added tax (VAT). The tax is set as a fixed

percentage of the selling price of an item. The total

selling price of the item is the sum of the original

selling price before tax and the sales tax

calculated. Sales tax increases the cost of items.

One of two words usually accompanies sales tax on

the items price tag: inclusive or exclusive. Inclusive

means that the sales tax is already added while

exclusive means it is yet to be added.

Discount

Discount is a decrease in the selling price of an item.

Discounts are normally given when there is a sale

special or a promotional event. Discounts can be

represented in dollar amount or as a percentage.

Both sales tax and discount are applied to the selling

price of an item.

WORKED EXAMPLE 1:

Mays Department Store is having a special on Dolce

&Gabbana handbags. The bags originally are being

sold for $3500 exclusive of G.C.T, which is charged

at 17.5%. The store is offering a discount

of 15%. Calculate the selling price of the handbag if a

special was not being offered. What is the price of the

handbag with the discount?

SOLUTION

the discount from $4112.50 calculated before.

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