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Answer :
Final answer:
Royal Furniture received a trade discount rate of 42.86% on the sofa, calculated by subtracting the purchase price from the list price and then dividing by the list price.
Explanation:
To find the trade discount rate Royal Furniture received, we first need to calculate the amount of the discount they received on the sofa. The list price of the sofa was $1,400, and Royal Furniture bought it for $800. Thus, the discount amount is the difference between these two values.
- Discount Amount = List Price - Purchase Price
Discount Amount = $1,400 - $800
Discount Amount = $600
Now, to find the trade discount rate, we use the following formula:
- Trade Discount Rate = (Discount Amount / List Price) x 100
Trade Discount Rate = ($600 / $1,400) x 100
Trade Discount Rate = 42.86%
Therefore, the trade discount rate Royal Furniture received on the sofa was 42.86%.
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