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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Chapter
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BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

Calculate the following net price factors and net prices. For convenience, round net price factors to five decimal places when necessary.

List Price Trade Discount Rates Net Price Factor Net Price
1. $360.00 12/10 .792 $285.12

To determine

To calculate: The net price factor and net price if list price is $360.00 and trade discount rates are 12/10.

Explanation

Given Information:

The list price is $360.00 and trade discount rates are 12/10.

Formula used:

Follow the steps to compute the net price using the net price factor:

Step 1: Look for the complement of the trade discount rates by subtracting each rate from 100% and converting them to decimal form.

Step 2: Compute the net price factor by multiplying all the decimals together.

Step 3: 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 $360.00 and trade discount rates are 12% and 10%.

Subtract each of the trade discount rate from 100% and then convert the answer to decimal form.

100%12%=88%=0

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