Question

the list price of an item is $72.01. the supplier is offering a series trade discount of 7/23. find the net cost. the net cost of the item is $\square. (round to the nearest cent as needed.)

Explanation:

Step1: Understand series discount

A series trade discount of 7/23 means we first apply a 7% discount, then a 23% discount on the result. To find the net cost, we calculate the complement of each discount (1 - discount rate) and multiply them with the list price.
The complement of 7% (0.07) is $1 - 0.07 = 0.93$.
The complement of 23% (0.23) is $1 - 0.23 = 0.77$.

Step2: Calculate net cost

Multiply the list price by the two complements.
First, multiply the list price by the first complement: $72.01\times0.93$.
Then multiply the result by the second complement: $(72.01\times0.93)\times0.77$.
Calculate $72.01\times0.93 = 66.9693$.
Then $66.9693\times0.77 = 51.566361$.

Step3: Round to nearest cent

Rounding $51.566361$ to the nearest cent (two decimal places) gives $51.57$.

Answer:

51.57