1.6 Percentage and Financial Transactions © A percentage is a fraction whose denominator is 100. It is written with the symbol %. © Quantity p as a percentage of quantity q is Ex 100%. e If y is @ quantity, x% of y = +55 p xy or a. 100° 99Example 1.6.1 (a) Find 8% of 400. Gb). Express 20 cm as a percentage of 1m, (@) 2% of what number is 18? Solution s (a) 8% of 400 = 55, « 400 = 32) (Ans) (© Let the number be y 2 of y= 18 yxyeis ys 18x 2 = 900 (Ans) Example 1.6.2 There are 350 people in a housing block. 30% of the people are men and 32% are women, (@) What is the percentage of children in the housing block? (b) Calculate the number of women in the housing block. INe71] Solution: (a) Percentage of children = (100 ~ 30 ~ 32)% = 38% (Ans) 2 y (b) Number of women = 2. x 350 = 112 (Ans) GoTo Workbook Exercise W4G V exercise ar 1. Express the following percentages as fractions in their lowest terms. (@) 3% (b) 8% (ey 72% (@) 100% © 14% 102% @ 35% (h) 02% @ 4% 1002, Express the following percentages as decimals, ) 3% ae fo om @ ihe @ 2bs oo @) 06% ) 001% o bs 3. Express the following as percentages, @ $ wm + ot 3 H @i ot ox @ 07 (i) 035 @ 02 @ oo wr © 25 4, Express (a) 7 km as a percentage of 50 km, (@) $20 as a percentage of $200, (c) 18 kg as a percentage of 72 kg, (@)_ 25 g as a percentage of | kg. (©) 20 min as a percentage of 1 h, (© 30s as a percentage of 1 min. Find the following: (a) 4% of $60 (b) 25% of 2 000 ke (©) 0.2% of 5 000 people (@) 120% of $00 km (©) 10% of 2m (© 75% of 10 000 m’ 6 Find 30% of 1170. Ines] 7. Express 8% as (a) a decimal, (b) a fraction in its lowest terms. 1Na89/1] 8. Express 15, as (a) a fraction in its lowest terms, (b) a percentage. Inez} 9. (a) Express 4 as a percentage. vol! (b) Express 665% as a fraction in its lowest terms. IN 10. (a) Find 13% of $70.00. f. $300? (b) How many packets of sweets, each costing 7S¢, can you buy for INS2/] 101AL. Find (a) 15% of $30, 1e cost of 3. m of cloth at -r metre, (b) the cost of 34 m of cloth at $8.00 per met Iwas 12. (a) Find 12% of $40. (b) How many 60e drinks can you buy for $7.20? inom 13, The ratio of male employees to female employees in a Factory is 3: 2, (a) If there are 120 male employees, how many female employees are there? (b) What percentage of the employees are male? isan) deorene ae 100%, where decrease = original quantity ~ new quantity, © Percentage decrease = Tritt gueay * 100%, where 1ew quantity ~ original quantity. © Percentage increase increase © Profit = Selling Price ~ Cost Price Percentage profit = <2 x 100% © Loss = Cost Price - Selling Price Loss Percentage loss Example 1.6.3 (a) Calculate the percentage decrease from $50 to $30. (b) Calculate the percentage increase from 20 min to 50 min. Solution: @ Decrease Percentage decrease = 40% (Ans) o Increase = (50 - 20) min 30 min 20 2 x 100% 150% (Ans) Percentage increase =Example 164 A shopkeeper makes profit of 20% the sels an aici fy (a) Calculate the cost price of the ancl ee ceper allows 7 (@) fhe shopkeeper allows 749% off for cash, calculate () the cash price of the article, bis percentage profit fora cash price INean} Solution: (@) Let p be the cost price. Then (100% + 20%) of p = $4g 120% of p = $48 qe xp = 548 p= $48 x 100 13 = $40 (Ans) () @ Cash price = (100% - 74%) of $48 = 9216 x $48 = $4440 (Ans) ® Profit = Cash price - Cost price 44-40 ~ $40 $440 Percentage profit oa x 100% = 11% (Ans) GoTo Workbook Exercise W4H Y exercise ac Y 1. A man eams a salary of $760 per month. (a) If he receives a bonus of 1 month's sal he sy monthly salary (©) If his monthly salary increases by 5%, calculate his new monty ll fh 03 J lary each year, calculate his total annualFind the usual price of the washin tmachine shown i the adverincment® INA) 10% OFF Now $540 (a) Calculate the area of the rug (b) What is the percentage this item on sale? 4. A shopkeeper buys and sells three different articles. (a) He buys the first article for $40 and sells it for $52. ‘What is his percentage profit? (b) The second article costs him $28 and he sells it at a profit of 25%, How much does he sell it for? (©) The shopkeeper makes a profit of 20% when he sells the third article for $27, How much did he pay for it? Ineo) ‘5. The table shows some information about three articles in a shop. Complete the table by calculating (a) the percentage profit on the first article, (b)_ the selling price of the second article, (0 te cou ti of We id ail wom Con pris | Seng pice | Pronto | fa) $40 $46 (b) $24 121% (oan earns6. (A shopkooper buys 80 skits for $25 each What her total prot (she sel al 80 shins for S¥2 each, ) she sels 4 skins for $0 Cb) When the shopkeeper sells a bein for SAS, she ee a pet ot 258 Calculate the cost price of the blouse, " INMIAL teach and 10 skies for $19.90 each? 7. A shopkeeper buys 50 shirts for $1 500, Calculate his total profit if (a) he sells all 50 shirts for $38.00 each, (b) he sells 40 shirts for $38-00 each and 10 shirts for $29.90 each. JN/V2/I] © Interest = Principal x Rate x Time © The exchange rate is the value of the money of one country compared to that of another country. © A discount of 10% means a reduction of 10% of the original price. © A commission is an amount given for the sales made or service rendered. © Taxes are money paid to the government on income, value of Property, value of purchase and so on. Example 1.6.5 Le ‘A man deposits $5 000 in a bank which pays simple interest of 345 per year. (@) How much will he get at the end of 6 years? (b) After how long will his interest total $87-50? Solution (@ 1 = PRT = $5000 x 34% x 6 = $1,050 amount of money he will get = $5 000 + $1 050 pr biaaal = $6 050 (Ans)(re par $87.50 = $5 000 « 3446 07 0 $5 000 35% = 05 year or 6 months (Ans) Example 1.656 ‘The rate of exchange between Singapore dollars (S$) and Malaysian Ringgit (RM) is $$0-63 to RMI-00, Find coat!) (a) the cost, in RM, of an article which costs $825.00, (b) the cost, in SS, of an article which costs M1540. Solution: (a) $$0.63 is exchanged for RM1-00. 1 $8250 is exchanged for 2820 x RMI-00 = RM39.68._ (Ans) (b) RMI-00 is exchanged for $80:63. s, RMI5-00 is exchanged for 15:00 x $80.63 = $$9-45. (Ans) Example 1.6.7 ‘A housing agent gets 1% commission on the sale of a house. If he sells a $490 000 apartment, calculate his commission. Solution. ‘Commission = 1% of $490 000 1 = aig * $490 000 = $4900 (Ans) Example 1.6.8 ‘Mr Lin spent $252 on goods he bought at a department store. (a) What was his total bill if a goods and services tax of 3% was added to his bill? (b) If he was given a discount of 10% on goods purchased, what would his total bill be, including the goods and services tax of 3%. 106,Solution: @ 3% of $252 $7.56 Total bill with tax = $252 + $7.56 $259:56 (Ans) o Discount = 10% of $252 His total bill is $226-80 + $6-80 = $233.60. (Ans) Go To Workbook Exercise W4I EXERCISE 4H ' 1. A bank pays interest of 7% per year. How much interest will be paid on $2 500 in 2 years? IN/ss] 2. A bank pays simple interest at the rate of 7% per year How much simple interest will be paid on $400 in (a) 2 years? {b) 18 months? INS9/1] 3. A bank pays simple interest atthe rate of 5% per year. (@) How much simple interest will be paid on $700 in 6 years? () After how many years will the simple interest on $400 be $00? //92/1] 4. A bank pays interest of 83% per year. How much interest will be paid on 400-00 IN/8601] wy in 5 years?5. A bank pays interest of 6% per year. How much interest will be paid on $400 in 7 years? Inara) 6. ‘The usual price of a bicycle is $93:00. The sale price is $37-10 less than the usual price. Calculate the sale price of the bicycle. Ineo) BICYCLE SALE UP. $93.00 SAVE $37-10 | 7 _saterice 7. All prices in a sale are reduced by 40%. (@) A badminton racquet has a usual price of $50:00, Find its price in the sale. (b) In the sale a hockey stick costs $48.00. Find its usual price. (N81) @ SPORTS SALE _— Ap INS reel by 40% 8. The rate of exchange between Singapore dollars and English £ sterling is $2.90 to £1-00. Find, (8) the cos, in Singapore dollars, of a holiday in England which costs £1 200-00, (©) the cost, in £ sterling, of a cruise to Penang which costs $638-00. [N/85/I/ 10810. nL (b) the number of yen in $12, Ome mantr of Jenn Bh inrm : S i 5, is Ew }e Foo dl ol ‘Singapore dollars Singapore dollars Mr Chen is going on a tour of Canada. He intends to take $$2 000 with him. How ‘much will he have in Canadian currency if the exchange rate is Canadian $1:00 to 851.60? Ina sale, prices were first reduced by 30% and then by a further 40% of the reduced price. What was the final price of a shirt which had originally cost $99? If-a goods and services tax of 3% was added to the final price of the shirt, how much would a customer have to pay for this shir”? Give your answer correct to the nearest cent. [A salesman receives a basic salary of $1 200 per month plus 1% commission on his sales. If his sales total $59 700 for a particular month, calculate (@) bis commission, (b) his total salary for that month of 34% are added '$5.00 is ordered? 109 In a restaurant, a service charge of 10% and the government tax to the bill. What will the bill come to if a set lunch which costs