Royal Furniture bought a sofa for $940. The sofa had a $1,540 list price. What was the trade discount rate Royal received? (Round your answer to the nearest hundredth percent.) Trade discount rate %
Royal Furniture bought a sofa for $940. The sofa had a $1,540 list price. What was the trade discount rate Royal received? (Round your answer to the nearest hundredth percent.) Trade discount rate %
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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![Royal Furniture bought a sofa for $940. The sofa had a $1,540 list price. What was the trade discount rate Royal received? (Round your answer to the nearest hundredth percent.)
[Input box labeled "Trade discount rate" with a percentage symbol next to it]
Explanation:
To find the trade discount rate, use the formula:
\[ \text{Trade Discount Rate} = \left(\frac{\text{List Price} - \text{Purchase Price}}{\text{List Price}}\right) \times 100 \]
Plug in the given values:
\[ \text{Trade Discount Rate} = \left(\frac{1540 - 940}{1540}\right) \times 100 \% \]
Calculate the percentage and enter it into the box, rounded to the nearest hundredth percent.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09ab0ebb-fdaf-41e3-aaf8-459466f4da3e%2Ff213af90-1cc6-4e11-a74b-ef199cba39cc%2Faa7n6va_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Royal Furniture bought a sofa for $940. The sofa had a $1,540 list price. What was the trade discount rate Royal received? (Round your answer to the nearest hundredth percent.)
[Input box labeled "Trade discount rate" with a percentage symbol next to it]
Explanation:
To find the trade discount rate, use the formula:
\[ \text{Trade Discount Rate} = \left(\frac{\text{List Price} - \text{Purchase Price}}{\text{List Price}}\right) \times 100 \]
Plug in the given values:
\[ \text{Trade Discount Rate} = \left(\frac{1540 - 940}{1540}\right) \times 100 \% \]
Calculate the percentage and enter it into the box, rounded to the nearest hundredth percent.
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