Percentage Math
Since percentage Math (%) is found in a majority of pharmacy calculations, it's vital that you know how it works. The most important thing to remember is what the word "percent" means. On a calculator: Question: What percentage of 82 is 37? 37 ÷ 82 = .45 .45 = 45% (The first two numbers after the decimal will be your %) Here's some example questions to put this into perspective:
Markup Percentage Math is a little different: Markup is the percentage over the wholesale price of a product and represents the profit made on that product. So, on a calculator, you will always have a number before the decimal. To get the markup, you always subtract 1.0 from your answer. (since the first 100% is the wholesale price) Let's say you run into a question that asks: What is the markup percent on a blood pressure monitor that retails for $79.99 and your store pays a wholesale price of $41.00? 79.99 ÷ 41.00 = 1.95 Subtract 1.0 from the answer = .95 or 95% - What some people like to do is first determine the amount over the wholesale price that the retail price is. That difference is the amount of profit made on the product. Then, they will take that and divide it by the wholesale price. For many, this helps keep everything more straight in their head. Let's try another question that asks: on Quiz #5, Question #3:
1) First, take the $149.00 and back out the $4.00 dispensing fee. That leaves you $145.00 (retail) 2) So now we have 145.00 (retail) and we know (since they told us in the question) we charge 45% markup over wholesale. 3) To back out 45% from 145.00, you divide 145 by 1.45 145 ÷ 1.45 = 100 4) With the markup now backed out, that tells us that the wholesale price for 10 tabs = $100 5) Which means each tab's wholesale price is $10.00 Where would you like to go now? Back to Math Home Page Back to Free Quiz #5 Back to Home Page Site Map |