Percentages SAT question

Math · Problem-Solving and Data Analysis · Hard · Answer it here, explanation included.

A gift shop buys souvenirs at a wholesale price of $7.00$ dollars each and resells them each at a retail price that is $290%$ of the wholesale price. At the end of the season, any remaining souvenirs are marked at a discounted price that is $80%$ off the retail price. What is the discounted price of each remaining souvenir, in dollars?

Enter a number or fraction (like 3/17 or 0.176). Press Enter to check.

ExplanationShow

The correct answer is $4.06$ . It's given that the retail price is $290%$ of the wholesale price of $$7.00$ . Thus, the retail price is $$7.00 (\frac{290}{100})$ , which is equivalent to $$7.00 (2.9)$ , or $$20.30$ . It's also given that the discounted price is $80%$ off the retail price. Thus, the discounted price is $$20.30 (1 - \frac{80}{100})$ , which is equivalent to $$20.30 (0.20)$ , or $$4.06$ .

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