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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Calculate the following trade discounts and trade discount rates. Round answers to the nearest tenth of a percent.

List Price Trade Discount Trade Discount Rate Net Price

You are the buyer for the housewares department of the Galleria Department Store.

A number of vendors in your area carry similar lines of merchandise. On sets of microwavable serving bowls. Kitchen Magic offers a list price of $400 per dozen less a 38% trade discount. Pro-Chef offers a similar set for a list price of $425 less a 45% trade discount.

a. Which vendor is offering the lower net price?

b. If you order 500 dozen sets of the bowls, how much money will be saved by using the lower-priced vendor?

(a)

To determine

The lower net price if Kitchen magic offers microwavable serving bowls at a list price of $400 per dozen with trade discount rate of 38% and Pro chef offers a similar set at a list price of is $425 per dozen with trade discount of 45%.

Explanation

Given Information:

It is given that Kitchen magic offers microwavable serving bowls at a list price of $400 per dozen with trade discount rate of 38% and Pro chef offers a similar set at a list price of is $425 per dozen with trade discount of 45%.

Consider that the list price of Kitchen magic is $400 per dozen with trade discount rate of 38% and list price of Pro chef is $425 per dozen with trade discount of 45%.

The net price is computed as follows,

Net Price=List Price×(100%Trade discount rate)

Compute the net price of Kitchen magic by substituting list price to $400 per dozen and trade discount rate to 38% as,

Net Price=$400×(100%38%) =$400×(62%) =$400×0

(b)

To determine

The money saved by lower-priced vendor if $500 dozen sets of bowls are ordered with Kitchen magic’s net price for 1 dozen is $248.00 and the net price of Pro chef is for 1 dozen is $233.75.

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