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The price for a bike after two successive discounts of 32% and 18% is $97

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The price for a bike after two successive discounts of 32% and 18% is $97.58. 
1. What is the single equivalent rate of discount?1 
2. What is the price of the bike before the two discounts? 
Price = 

Option 1

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2.94 USD

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Option 2

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