Description
What is the correct way to calculate discounted price?
I use original price x (1-percent off). For 12% off of $70 I use 70 x (1-.12)
Classmate is using 70/1.12
Who is right?
Explanation & Answer
If the question is: if a product has an original price of $70, and there is a 12% discount on the product, what is the price of the product after the discount? then you are correct, you would take the original price of $70 and multiply by (1-.12), or .88.
You would only divide by 1.12 if the question asked for the price before taxes. Ie: The final price of a product, including taxes, was $70. What was the price before taxes were added? Then you would divide $70 by 1.12 and get $62.50. This is the same thing for markups, ie: if a product was marked up 12% and now costs $70, what was the price of the product before the markup? You would do the same thing, $70/1.12.
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