a. Calculate the equivalent discount rate that represents these three discounts. % Round to two decimal places b. Calculate the net price of the shipment. $ Round to the nearest cent
a. Calculate the equivalent discount rate that represents these three discounts. % Round to two decimal places b. Calculate the net price of the shipment. $ Round to the nearest cent
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![A restaurant purchased a shipment of potatoes for $150 less discounts of
13%, 6%, and 2%.
a. Calculate the equivalent discount rate that represents these three
discounts.
Round to two decimal places
b. Calculate the net price of the shipment.
$
Round to the nearest cent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12e4b66a-0bf1-414a-8354-8a506f5f45f3%2Fd47f8f55-a446-49e6-be3a-9072e4f0e521%2F4pyzxws_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A restaurant purchased a shipment of potatoes for $150 less discounts of
13%, 6%, and 2%.
a. Calculate the equivalent discount rate that represents these three
discounts.
Round to two decimal places
b. Calculate the net price of the shipment.
$
Round to the nearest cent
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
In case of 3 discounts, suppose x%, y%, z%,
First of all we calculate a discount rate using first 2 discount rates i.e. x% and y%. Lets name it as g%.
So, g% = ( x + y - xy ÷ 100)%
Then we calculate equivalent diacount rate using g% and z%:
Equivalent Discount Rate:
= ( g + z - gz ÷ 100) %
Then we apply this rate to find discount on the transaction.
Step by step
Solved in 2 steps
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