A retailer returned 2485 defective items to the manufacturer and received a credit for the retail price of $0.86 2/3¢ per item less a discount of 5/6 of the retail price. What was the amount of the credit received by the retailer?
0.86 2/3 * 2485 = 2153 2/3
Now subtract 5/6 of the retail, whatever that was.
To calculate the amount of credit received by the retailer, we need to determine two values: the retail price per item and the discount.
1. Retail price per item:
The retail price is given as $0.86 2/3¢ per item. To convert this to a decimal, we need to simplify the fraction.
2/3 = 2 ÷ 3 = 0.6667 (rounded to four decimal places)
Therefore, the retail price per item is $0.86 + 0.6667 = $1.5267.
2. Discount:
The discount is given as 5/6 of the retail price. We can calculate this by multiplying the retail price per item by 5/6.
$1.5267 * 5/6 = $1.2722
Therefore, the discount is $1.2722 per item.
Now, let's calculate the credit received by the retailer.
The retailer returned 2485 items, so the credit for each item would be the retail price per item minus the discount.
Credit per item = $1.5267 - $1.2722 = $0.2545
To find the total credit received, we need to multiply the credit per item by the number of items returned.
Total credit received = $0.2545 * 2485 = $632.6825
Rounded to two decimal places, the retailer received a credit of $632.68 from the manufacturer.
To calculate the amount of credit received by the retailer, we need to determine the retail price per item and the discount amount.
First, let's calculate the retail price per item:
$0.86 2/3¢ can be seen as $0.866 recurring, which can be simplified to $0.87 (rounded to the nearest cent). This is the retail price per item.
Next, let's calculate the discount amount:
The discount is given as 5/6 of the retail price. Multiply the retail price per item ($0.87) by 5/6 to find the discount amount:
Discount amount = $0.87 * 5/6 = $0.725 (rounded to the nearest cent)
Now, we can calculate the credit received by the retailer:
Credit received = Retail price per item - Discount amount
Credit received = $0.87 - $0.725
Credit received = $0.145 (rounded to the nearest cent)
Finally, we multiply the credit received per item ($0.145) by the number of defective items returned (2485) to find the total amount of credit received by the retailer:
Total credit received = Credit received per item * Number of defective items returned
Total credit received = $0.145 * 2485 = $360.325
So, the retailer received a credit of $360.325 from the manufacturer.