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Premium member Presentation Transcript Welcome to dynasty Business Apprenticeship Professional INSTITUTE: Welcome to dynasty Business Apprenticeship Professional INSTITUTE Business Math Session 1 Mark UpPowerPoint Presentation: Objective: To familiarize the student with the use of mathematic calculations for solving common business problems Duration: The session shall take approximately 45 minutes to complete. Navigation: Please review the navigation information on the next slide since it is extremely important to know how to move around the course. Again WelcomeNavigation: There are three navigational features on each slide and they can be found by passing your arrow over the lower left segment of the slide. Forward arrow – Advances to the next slide Back Arrow – Goes back to the previous slide Pause - Allows you to either pause the slide or play it forward again Selection- Allows you to select which slide you want to go to NavigationSOURCE MATERIAL: All source material for the course is taken from The Money instructor.com . Dynasty acknowledges their lawful ownership. Since we are a non-profit entity this material will be used like a textbook and it’s content will be taught by a certified BAPI instructor. None of the material will be resold for profit. SOURCE MATERIALMark Up: Mark Up Calculating a Sales Mark up What is a sales mark up? When a store purchases an item they buy it for a particular price. When they sell it in the store, they mark up the price so that they make a profit. Prices are often marked up a specific percentage. How can we calculate a sales mark up? A sales mark up is calculated when the store decides how much they want to sell a product for. Let’s look at an example to better understand how this works.Mark Up Example: Mark Up Example Example: The local corner store bought fountain pens for $3.00 each. They want to sell the pens for a 15% mark up. How much did they sell each pen for in the store? To figure this out, we want to find the percent of a number. The percent of a number is calculated using multiplication. Our key word “of” lets us know that the operation is multiplication. If we multiply the price that the store bought the item for times the percentage, we will have the amount that the store is going to mark up the price. Store purchase price x % of mark up = amount of mark upMark Up Example (Cont.): Mark Up Example (Cont.) Let’s do this work with the last example. Example $3.00 x .15 = _____ Notice that we have converted the percentage to a decimal so that we can multiply easily. Percents and decimals are related. We drop the percent sign and move the decimal point two places to the left representing the hundredths place. Now we have our decimal and we can multiply. 3 x .15 = .45 Our mark up is 45 cents.Mark Up Example (Cont.): Mark Up Example (Cont.) This is the mark up, but it is not the price that the store is going to charge customers for the pen. To calculate this number, we need to add the mark up to the price that the store paid for the item originally. Example $3.00 = price store paid for the fountain pen .45 = amount of the 15% mark up $3.45 is the sale price.Mark Up Example (Cont.): Mark Up Example (Cont.) Example The store paid $5.50 for a CD. If they sell the CD at a 45% mark up, what is the new sale price? There are two steps to solving this problem. 1. Figuring out the amount of the mark up 5.50(.45) = $2.47 2. Figuring out the new sale price. Add the markup to the price originally paid for the CD. 5.50 + 2.47 = $ 7.97Mark Up Worksheet: Mark Up Worksheet Calculating a Sales Mark Up Worksheet Directions: Use what you have learned about sales and mark ups to answer each of the following questions. 1. Original price paid = $7.00 Mark up of 12% What is the amount of the mark up? .84 What is the new sale price? $7.84 2. Original price paid = $12.00 Mark up of 30%. What is the amount of the mark up? $3.60 What is the new sale price? $15.60Mark Up Worksheet (Cont.): Mark Up Worksheet (Cont.) 3. Original price paid = $45.00 Mark up of 75% What is the amount of the mark up? $33.75 What is the new sale price? $78.75 4. Original price paid = $225.00 Mark up of 50% What is the amount of the mark up? $112.50 What is the new sale price? $337.50 5. Original price paid = $567.75 Mark up of 35% What is the amount of the mark up? $198.71 What is the new sale price? $766.46Mark Up Worksheet Answers: Mark Up Worksheet Answers Answer Key 1. .84 $7.84 2. $3.60 $15.60 3. $33.75 $78.75 4. $112.50 $337.50 5. $198.71 $766.46 CONGRATULATION !!! You have completed the course: CONGRATULATION !!! You have completed the course Please proceed to the website www.dynasty8.org . Click on “office/ Course completion form, and complete the form. You will need : User: Dynasty PW: success You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.