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Homework answers / question archive / 1) An electric drill is listed for ?$713
1) An electric drill is listed for ?$713.59 less 37?%, 12?%, 9?%.
?(a) What is the net? price?
?(b) What is the total amount of discount? allowed?
?(c) What is the exact single rate of discount that was? allowed?
?
(a) The net price is ?$
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
?(b) The total amount of discount allowed is ?$
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
?(c) The single rate of discount that was allowed is ____?%.
?(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as? needed.)
2.In the last municipal? election, 62(1/2)% of the population of? 94,800 was eligible to vote. Of those? eligible, 33(1/3)% voted.
?(a) What was the number of eligible? voters?
?(b) How many? voted?
?(a) The number of eligible voters was
?(Simplify your? answer.)
?(b) The number of voters was
?(Simplify your? answer.)
3.What amount will reduce the amount due on an invoice of ?$3346.94 by $1101.38 if the terms of the invoice are 3?/10?, ?n/60 and the payment was made during the discount? period?
The payment amount is ?$ _____
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
4.A department store paid ?$32.31 for a cookware set. Overhead expense is 13% of the regular selling price and profit is 23% of the regular selling price. During a clearance? sale, the set was sold at a markdown of 37%. What was the operating profit or loss on the? sale?
The operating ?loss or profit was ?$ ____
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
1)
?(a) What is the net? price?
Net Price = $713.59*(1-37%)*(1-12%)*(1-9%) = $360.00
?(b) What is the total amount of discount? allowed?
Total Amount of Discount = $713.59-$360.00 = $353.58
?(c) What is the exact single rate of discount that was? allowed?
Single Rate of Discount = 1 - (37%*12%*9%)
= 1- 0.004
Single Rate of Discount = 0.9960 or 99.60%
2)
?(a) What was the number of eligible? voters?
Number of eligible? voters = 94,800*62.5% = 59,250
?(b) How many? voted?
Number of Voters who Voted = 59,250*33.3333% = 19,749.98 or 19,750
3)
Computation of Payment Amount:
Amount due to invoice =$3346.94
Effective reduction = $1101.38
Cash Discount =3%
Actual payment made = $1101.38*(1-3%) = $1,068.34
4) Computation of Operating Loss or Profit:
Purchase cost = $32.31
Overhead expense = 13% of regular selling price
Profit = 13% of regular selling price
Let us take 'x' as the regular selling price.
x = 32.31 + 0.13x + 0.13x
x = 32.31 + 0.26x
0.74x = 32.31
x = 32.31/0.74 = 43.66
The regular selling price of cookware set is $ 43.66
During a clearance sale, the set was sold at a markdown of 23%
Selling price on clearance =
Regular selling price - 23% of regular selling price = 43.66 - (0.23 * 43.66) = $33.62
Total cost = 32.31 + (0.13 * 43.66) = $ 37.99
Operating loss on sale of cookware on clearance = $33.62 - 37.99 = $4.37
