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Example 3.25 from Elementary Algebra, 3.2 Solve Percent Applications
Solve Percent Applications: example 3.25
Adam’s art gallery bought a photograph at original cost $250. Adam marked the price up 40%. Find the ⓐ amount of mark-up and ⓑ the list price of the photograph.
Work it out on paper first. Then open the solution one step at a time, and stop as soon as you can finish on your own.
Solution
ⓐ
Step 1. Read the problem. Step 2. Identify what we are looking for. the amount of mark-up Step 3. Name what we are looking for. Choose a variable to represent it. Let the amount of markup. Step 4. Translate into an equation. Write a sentence that gives the information to find it. Translate into an equation. Step 5. Solve the equation. Step 6. Check. Does this make sense? Yes, 40% is less than one-half and 100 is less than half of 250. Step 7. Answer the question with a complete sentence. The mark-up on the phtograph was $100. ⓑ
Step 1. Read the problem again. Step 2. Identify what we are looking for. the list price Step 3. Name what we are looking for. Choose a variable to represent it. Let the list price. Step 4. Translate into an equation. Write a sentence that gives the information to find it. Translate into an equation. Step 5. Solve the equation. Step 6. Check. Does this make sense? Is the list price more than the net price?
Is $350 more than $250? Yes.Step 7. Answer the question with a complete sentence. The list price of the photograph was $350.
Your turn
The book's Try It right after this example: same idea, new numbers. Only the answer is given.
Find ⓐ the amount of mark-up and ⓑ the list price.
Jim’s music store bought a guitar at original cost $1,200. Jim marked the price up 50%.
How did it go?