Michigan State University - Diagnostic Exam

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1.20

  •   Merchandise at a used furniture store is marked down 5% a week until it is sold or reaches a minimum price set by the dealer. If a dining room table is originally marked at $1299, how many weeks was it for sale before the price dropped below $1000?



    a) 2 b) 4 c) 6 d) 8 e) 10

Solution:

Let t= the number of weeks since the furniture was priced at $1299. The table below gives the furniture price t weeks.

t price
0 1299
1 1299 - 1299(0.05) = 1234.05
2 1234.05 - 1234.05(0.05) ≈ 1172.35
3 1172.35 - 1172.(0.05) ≈ 1113.73
4 1113.73 - 1113.73(0.05) ≈ 1058.04
5 1058.04 - 1058.04(0.05) ≈ 1005.14
6 1005.14 - 1005.14(0.05) ≈ 954.88

Diagnostic:

If you miss this question please review applications involving percentages.

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July 15, 2008