Solve the Problem. -After a 13% Price Reduction, a Boat Sold for $25,230

question 214

Multiple Choice

Solve the problem.
-After a 13% price reduction, a boat sold for $25,230. What was the boatʹs price before the reduction?(Round to the nearest cent, if necessary.)

• A)$29,000
• B)$3,279.90
• C)$194,076.92
• D)$28,509.90

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Definitions:

Bounded Rationality

The concept that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.

Intellectual Capital

Refers to the intangible value of a business, representing the sum of its knowledge, skills, inventions, and connections.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Representativeness Heuristic

A cognitive shortcut in which one makes judgments about the probability of an event based on how closely it matches one's stereotypes or expectations.