Using the price per dinner that you determined in the previous question, calculate the following. If Epicure offers a $1-off coupon in a newspaper advertisement, what markdown percent does the coupon represent? (Round percent to the nearest tenth.)
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To calculate the markdown percent represented by the $1-off coupon, we need to compare the coupon amount to the original price per dinner. Here are the steps:
1. Recall the price per dinner that you determined in the previous question. Let's assume the price per dinner is $X.
2. Calculate the markdown amount by subtracting the coupon value from the original price per dinner. In this case, the coupon value is $1. So, the markdown amount is $X - $1.
3. Calculate the markdown percent by dividing the markdown amount by the original price per dinner and multiplying by 100. The formula for markdown percent is: (Markdown Amount / Original Price) * 100. In this case, the formula becomes: (($X - $1) / $X) * 100.
4. To round the markdown percent to the nearest tenth, you can make use of rounding rules. If the unit digit after the first decimal point is less than 5, you round down, and if it is equal to or greater than 5, you round up. For example, if the calculated markdown percent is 17.79, you round it to 17.8.
By following these steps, you can calculate the markdown percent represented by the $1-off coupon.