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Problem-Solving and Data Analysis / Percentages Difficulty: Hard

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

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Explanation

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