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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

Complete the following table. Round net price factors to five decimal places when necessary.

Trade Single
Discount Net Price Equivalent Trade
List Price Rates Factor Discount Discount Net Price
17. 2.874.95 30/20/5.5 _________ __________ __________ __________

To determine

To calculate: The net price factor, single equivalent discount, trade discount and net price if list price is $2,874.95 and trade discount rate are 30/20/5.5. Round the net price factors to five decimal places when required.

Explanation

Given Information:

The list price is $2,874.95 and trade discount rates are 30/20/5.5.

Formula used:

Compute the net price factor by subtracting each rate from 100%, then multiply all the resultant decimals together.

The formula for the single equivalent discount is computed by subtracting the net price factor from 1.

Single equivalent discount=1Net price factor

The trade discount is computed by multiplying list price with single equivalent discount.

Trade discount=List price×Single equivalent discount

The net price is computed by multiplying the list price by net price factor.

Net price=List price×Net price factor

Calculation:

Consider that the list price is $2,874.95 and trade discount rates are 30%, 20% and 5.5%.

Compute complements of the trade discount rates in series by subtracting them from 100%.

100%30%=70%=0.80 100%20%=80%=0.80 100%5.5%=94.5%=0

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