Discuss three examples of percent used in real life. Write a brief summary of how percent is used and find any missing elements such as the percent, the part or the whole in the example.
Example 1: Sales Discount
In retail, sales discounts are a common way to attract customers. For instance, a store may offer a 20% discount on all clothing items. In this case, the percent (20%) represents the amount being taken off the original price and is considered the part. The whole refers to the original price of the clothing item before the discount, while the missing element is the actual dollar amount saved by the customer.
Example 2: Grade Calculation
In education, percentages are frequently used to calculate grades. Let's say a student achieved a score of 85% on a test. Here, the percent (85%) represents the proportion of correct answers out of the total possible points, which is commonly known as the part. The whole refers to the maximum number of points that could have been earned on the test, while the missing element is the actual score in terms of points obtained by the student.
Example 3: Interest Rates
When borrowing or investing money, interest rates are crucial to consider. Suppose an individual wants to take out a loan with an annual interest rate of 6%. Here, the percent (6%) represents the proportion of interest charged on the original loan amount, indicating the part. The whole in this example is the total loan amount borrowed, while the missing element is the actual dollar amount of interest paid annually.
Example 1: Sales Discount
In retail, a common use of percent is to calculate sales discounts. For instance, let's say a store is offering a 20% discount on a pair of shoes priced at $100. In this case, the percent is 20, the part is the discount amount (unknown), and the whole is the original price of the shoes ($100). To find the discount amount, we would multiply the whole by the percent (20% of $100), resulting in a $20 discount.
Example 2: Grades Calculation
Percentages are frequently used in education to determine grades. For example, let's consider a class where homework assignments are worth 20% of the overall grade, exams are worth 50%, and the final project is worth 30%. In this case, the percent represents the weightage of each component, the parts are the scores achieved in each category, and the whole is the final grade. Students' scores in each category are multiplied by the corresponding percent and then added together to calculate the final grade.
Example 3: Tax Calculation
Percent is also used for calculating taxes. Consider a scenario where the sales tax rate is 8% and you purchase an item for $50. In this case, the percent is 8, the part is the tax amount (unknown), and the whole is the purchase price ($50). To find the tax amount, we would multiply the whole by the percent (8% of $50), resulting in a $4 tax.
In all these examples, missing elements could be any one of the percent, part, or whole, depending on what information is provided and what needs to be found.
Example 1: Sales Discount
Percent is commonly used in retail to calculate sales discounts. For instance, let's say there is a sales promotion offering a 20% discount on a pair of shoes originally priced at $50. To find the discounted price, we multiply the original price ($50) by the discount rate (20%). The missing element in this example is the whole, which is the original price of $50, the known part is the discount rate of 20%, and we calculate the missing part, which is the discounted price.
Example 2: Tax Calculation
Percent is also used when calculating taxes. Consider a scenario where you have to calculate a 15% sales tax on a purchase worth $100. To determine the tax amount, we multiply the purchase amount ($100) by the tax rate (15%). Here, the missing element is the part, which is the tax amount, and the known elements are the whole, which is the purchase price of $100, and the percent, which is the tax rate of 15%.
Example 3: Loan Interest
Percent is frequently used in finance, specifically when dealing with loans. Suppose you take out a loan of $10,000 with an annual interest rate of 5%. Over the course of a year, the interest amount can be calculated by multiplying the loan amount ($10,000) by the interest rate (5%). In this example, the missing element is the part, which is the interest amount, the known elements are the whole, which is the loan amount of $10,000, and the percent, which is the interest rate of 5%.
In each of these examples, percent is used to quantify a proportion or rate relative to a certain whole. By identifying the known elements (the percent, the part, or the whole), we can perform calculations to find missing elements and solve various real-life problems related to percentages.