Question

The price of a dress is marked down from $60 to $12. What is the rate of discount?

Answer 1

This was a -80% change or an 80% discount.

Explanation:

The percent change, or in this case the rate of discount, is calculated using the formula:

`p = (N - O)/O * 100` where `p` is the percent change, `N` is the new price and `O` is the old price.

In this problem we are given the New price ($12) and the Old price ($60) and asked to calculate the percent change. Substituting these values into the formula and solving gives:

`p = (12 - 60)/60*100`

`p = -48/60*100`

`p = -4800/60`

`p = -80`