Questions: Calculate the single equivalent discount rate for each company? Note: Do not round intermediate calculations. Round your final answers to the nearest hundredth percent. Company A % Company B % Which of the following companies, A or B, gives a higher discount? Use the single equivalent discount rate to make your choice. Company B Company A

Calculate the single equivalent discount rate for each company? Note: Do not round intermediate calculations. Round your final answers to the nearest hundredth percent. Company A % Company B % Which of the following companies, A or B, gives a higher discount? Use the single equivalent discount rate to make your choice. Company B Company A
Transcript text: Calculate the single equivalent discount rate for each company? Note: Do not round intermediate calculations. Round your final answers to the nearest hundredth percent. Company A & & $\%$ Company B & & $\%$ Which of the following companies, A or B, gives a higher discount? Use the single equivalent discount rate to make your choice. Company B Company A
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Solution

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Solution Steps

Step 1: Convert each discount percentage to a decimal equivalent

Decimal equivalents are: 0.11, 0.13, 0.18, 0.06.

Step 2: Calculate the multiplicative factor for each discount

Multiplicative factors are: 0.89, 0.87, 0.82, 0.94.

Step 3: Multiply all the multiplicative factors together

Total multiplicative factor: 0.597.

Step 4: Calculate the single equivalent discount rate

Single equivalent discount rate before rounding: 40.317%.

Final Answer:

The single equivalent discount rate rounded to 2 decimal places is: 40.32%.

Step 1: Convert each discount percentage to a decimal equivalent

Decimal equivalents are: 0.13, 0.09, 0.19, 0.06.

Step 2: Calculate the multiplicative factor for each discount

Multiplicative factors are: 0.87, 0.91, 0.81, 0.94.

Step 3: Multiply all the multiplicative factors together

Total multiplicative factor: 0.603.

Step 4: Calculate the single equivalent discount rate

Single equivalent discount rate before rounding: 39.720%.

Final Answer:

The single equivalent discount rate rounded to 2 decimal places is: 39.72%.

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