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Solving Word Problems

Solving Word Problems. “When will I ever use this stuff?”. Discounts. Percentage problems are solved using proportions. (100 - %) New 100 = Old

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Solving Word Problems

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  1. Solving Word Problems “When will I ever use this stuff?”

  2. Discounts • Percentage problems are solved using proportions. • (100 - %) New 100 = Old • If you have a coupon that gives you a 15% discount on your groceries and your total bill was $155, what would it have cost you without the coupon? Set up the proportion to get the answer. 85x = 15500 x = $182.35

  3. Mark-ups • Mark-ups are the idea that stores charge more than they paid for a product in order to make a profit. • Use the same proportion as before except you add: • (100 + %) New 100 =Old WHY???

  4. Mark-ups • A bookstore buys a book from the publisher for $71 and the store policy is to mark up all books 32% before putting them on the shelves for customers to purchase. How much should the bookstore charge for the book? 100x = 9372 x = 93.72 The bookstore should charge $93.72 for the book.

  5. Puzzles • Solve for the variable. • Answer the question asked!! • Define your variable. • Set up the equation. A typical college student spends 1/3 of her waking time in class, 1/4 of her waking time eating, 1/12 of her waking time working out, 3 hours studying, and 2.5 hours doing other things. How many hours of sleep does the typical college student get? 4x + 3x + x + 66 = 12x 8x + 66 = 12x 66 = 4x x = 16.5 7.5 hours of sleep Let x = total time awake ()12

  6. Money, Money, Money…. • Interest is money paid for the use of money. • Banks pay interest to you if you have a savings account of some kind because they are “using” your money. • You pay the bank interest when you borrow money from them to buy things. • Interest charges can get you in trouble!! If you get a credit card, always pay the total amount to avoid these charges!

  7. Money, Money, Money… • Simple Interest – • I = Prt • I is the interest charged (or earned) • P is the principal invested (or borrowed) • r is the interest rate expressed as a decimal • t is the time the money is invested in years • If you invest $1400 in a CD for 5 years at a rate of 3%, how much interest do you earn? • P = 1400 r = .03 t = 5 • I = (1400)(.03)(5) • I = $210 • So, after 5 years you would have $1610!!!

  8. Money, Money, Money….. • Sometimes, people split their money into different accounts to maximize their earning potential and minimize their risk. • Michael has $10,000 to invest. He put some of it in a CD that earns 2% per year and the rest in a money market account that earns 12% per year. If he earned $750 in interest after the first year, how much did he invest in each account? • Let x = the amount invested in the CD. • (x)(.02)(1) The interest earned on the CD. • (10000-x)(.12)(1)The interest earned on the money market account. • .02x + 1200 - .12x = 750 • 1200 - .1x = 750 • -.1x = -450 • x = 4500 • So, Michael invested $4500 in the CD and $5500 in the money market account.

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