Solve the Problem. -A Pool Table with a List Price of $395 Is

question 25

Multiple Choice

Solve the problem.
-A pool table with a list price of $395 is sold by a wholesaler at a net cost of $252.80. Find the single trade discount rate being offered. Round to the nearest tenth of a percent if necessary.

• A)56.3%
• B)55.3%
• C)64%
• D)36%

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Definitions:

Deposits

Funds placed into a bank account or towards the purchase of an asset, representing a liability for the bank or a commitment by the buyer.

Liability

A financial obligation or debt owed by a company to another entity, which must be settled in the future through the transfer of assets or services.

Petty Cash

Petty cash is a small amount of cash on hand used for paying expenses too small to merit writing a check or using a credit card.

Cash Payments

Transactions where money is paid out by a business or individual in exchange for goods or services.