The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Question

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Answer 1

Question

Chapter 7, Problem 1ECP

To determine

The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Expert Solution & Answer

Answer to Problem 1ECP

The net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Explanation of Solution

Given:

The list price is $799.

The chain discount is 3/1.

Formula used:

Trade discount amount=List price×Single equivalent discount rate

Net price=List price× Net price equivalent rate

Calculation:

The chain discounts are 3% and 1%.

Hence, the complement of 3% chain discount is 100%−3%=97% and the complement of 1% chain discount is 100%−1%=99%.

Calculate the net equivalent rate as follows.

97%×99%=0.97×0.99=0.9603

Compute the net price using the above formula as follows.

Net price=799×0.9603=$767.2797≈$767.28

Calculate the single equivalent rate as shown below.

Single equivalent rate=1−0.9603=0.0397

Compute the trade discount amount using the above formula as follows.

Trade discount amount=799×0.0397=$31.7203≈$31.72

Therefore, the net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

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Answer 2

Question

Chapter 7, Problem 1ECP

To determine

The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Expert Solution & Answer

Answer to Problem 1ECP

The net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Explanation of Solution

Given:

The list price is $799.

The chain discount is 3/1.

Formula used:

Trade discount amount=List price×Single equivalent discount rate

Net price=List price× Net price equivalent rate

Calculation:

The chain discounts are 3% and 1%.

Hence, the complement of 3% chain discount is 100%−3%=97% and the complement of 1% chain discount is 100%−1%=99%.

Calculate the net equivalent rate as follows.

97%×99%=0.97×0.99=0.9603

Compute the net price using the above formula as follows.

Net price=799×0.9603=$767.2797≈$767.28

Calculate the single equivalent rate as shown below.

Single equivalent rate=1−0.9603=0.0397

Compute the trade discount amount using the above formula as follows.

Trade discount amount=799×0.0397=$31.7203≈$31.72

Therefore, the net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

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Answer 3

Question

Chapter 7, Problem 1ECP

To determine

The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Expert Solution & Answer

Answer to Problem 1ECP

The net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Explanation of Solution

Given:

The list price is $799.

The chain discount is 3/1.

Formula used:

Trade discount amount=List price×Single equivalent discount rate

Net price=List price× Net price equivalent rate

Calculation:

The chain discounts are 3% and 1%.

Hence, the complement of 3% chain discount is 100%−3%=97% and the complement of 1% chain discount is 100%−1%=99%.

Calculate the net equivalent rate as follows.

97%×99%=0.97×0.99=0.9603

Compute the net price using the above formula as follows.

Net price=799×0.9603=$767.2797≈$767.28

Calculate the single equivalent rate as shown below.

Single equivalent rate=1−0.9603=0.0397

Compute the trade discount amount using the above formula as follows.

Trade discount amount=799×0.0397=$31.7203≈$31.72

Therefore, the net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 1ECP

To determine

The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Expert Solution & Answer

Answer to Problem 1ECP

The net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Explanation of Solution

Given:

The list price is $799.

The chain discount is 3/1.

Formula used:

Trade discount amount=List price×Single equivalent discount rate

Net price=List price× Net price equivalent rate

Calculation:

The chain discounts are 3% and 1%.

Hence, the complement of 3% chain discount is 100%−3%=97% and the complement of 1% chain discount is 100%−1%=99%.

Calculate the net equivalent rate as follows.

97%×99%=0.97×0.99=0.9603

Compute the net price using the above formula as follows.

Net price=799×0.9603=$767.2797≈$767.28

Calculate the single equivalent rate as shown below.

Single equivalent rate=1−0.9603=0.0397

Compute the trade discount amount using the above formula as follows.

Trade discount amount=799×0.0397=$31.7203≈$31.72

Therefore, the net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1ECP

To determine

The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Expert Solution & Answer

Answer to Problem 1ECP

The net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Explanation of Solution

Given:

The list price is $799.

The chain discount is 3/1.

Formula used:

Trade discount amount=List price×Single equivalent discount rate

Net price=List price× Net price equivalent rate

Calculation:

The chain discounts are 3% and 1%.

Hence, the complement of 3% chain discount is 100%−3%=97% and the complement of 1% chain discount is 100%−1%=99%.

Calculate the net equivalent rate as follows.

97%×99%=0.97×0.99=0.9603

Compute the net price using the above formula as follows.

Net price=799×0.9603=$767.2797≈$767.28

Calculate the single equivalent rate as shown below.

Single equivalent rate=1−0.9603=0.0397

Compute the trade discount amount using the above formula as follows.

Trade discount amount=799×0.0397=$31.7203≈$31.72

Therefore, the net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Answer 6

Chapter 7, Problem 1ECP

To determine

The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Expert Solution & Answer

Answer to Problem 1ECP

The net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Explanation of Solution

Given:

The list price is $799.

The chain discount is 3/1.

Formula used:

Trade discount amount=List price×Single equivalent discount rate

Net price=List price× Net price equivalent rate

Calculation:

The chain discounts are 3% and 1%.

Hence, the complement of 3% chain discount is 100%−3%=97% and the complement of 1% chain discount is 100%−1%=99%.

Calculate the net equivalent rate as follows.

97%×99%=0.97×0.99=0.9603

Compute the net price using the above formula as follows.

Net price=799×0.9603=$767.2797≈$767.28

Calculate the single equivalent rate as shown below.

Single equivalent rate=1−0.9603=0.0397

Compute the trade discount amount using the above formula as follows.

Trade discount amount=799×0.0397=$31.7203≈$31.72

Therefore, the net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Answer 7

Chapter 7, Problem 1ECP

To determine

The net price equivalent rate, single equivalent discount rate, trade discount and net price for the given data.

Answer 8

Expert Solution & Answer

Answer to Problem 1ECP

The net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Given:

The list price is $799.

The chain discount is 3/1.

Formula used:

Trade discount amount=List price×Single equivalent discount rate

Net price=List price× Net price equivalent rate

Calculation:

The chain discounts are 3% and 1%.

Hence, the complement of 3% chain discount is 100%−3%=97% and the complement of 1% chain discount is 100%−1%=99%.

Calculate the net equivalent rate as follows.

97%×99%=0.97×0.99=0.9603

Compute the net price using the above formula as follows.

Net price=799×0.9603=$767.2797≈$767.28

Calculate the single equivalent rate as shown below.

Single equivalent rate=1−0.9603=0.0397

Compute the trade discount amount using the above formula as follows.

Trade discount amount=799×0.0397=$31.7203≈$31.72

Therefore, the net price equivalent rate is 0.9603, single equivalent discount rate is 0.0397, trade discount amount is $31.72 and the net price is $767.28.