Chapter 11.3, Problem 6ST

To determine

To calculate: The selling price of the coat on the fourth day.

Answer to Problem 6ST

The selling of the coat on fourth day is $ 52.488.

Explanation of Solution

Given information: The reducing percentage is 10%.

Cost price of coat is $80.

Calculate the selling after 4 days

Formula used: $SP=CP{\left(1-\frac{r}{100}\right)}^n$

Calculation:

  $\begin{array}{l}\Rightarrow SP=80{\left(1-\frac{10}{100}\right)}^4\\ =80\times \frac{90}{100}\times \frac{90}{100}\times \frac{90}{100}\times \frac{90}{100}\\ =\frac{8\times 9\times 9\times 9\times 9}{1000}\\ =\frac{52488}{1000}\\ =\$52.488\end{array}$

Hence, the selling of the coat is $ 52.488