SOLUTION: A merchant was selling an item at a certain price, and then markes it down 20% for a spring sale. During the summer, he marked the item down another 20% from its spring price. If t

Algebra ->  Finance -> SOLUTION: A merchant was selling an item at a certain price, and then markes it down 20% for a spring sale. During the summer, he marked the item down another 20% from its spring price. If t      Log On


   



Question 876578: A merchant was selling an item at a certain price, and then markes it down 20% for a spring sale. During the summer, he marked the item down another 20% from its spring price. If the item sold at the summer price, what percent of the original price did it sell for?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
Let +p+ = the original price
+p+-+.2p+=+.8p+ = price after 1st markdown
+.8p+-+.2%2A%28+.8p+%29+=+.8p+-+.16p+
+.8p+-+.16p+=+.64p+
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The item sold at 64% of the original price