Business: Discount Pricing A store sells refurbished iPhones...

Business: Discount Pricing A store sells refurbished iPhones that cost $12 \%$ less than the original price. If the new price of a refurbished iPhone is 572 dollar, what was the original price? How much is saved by purchasing the refurbished phone?

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Key Concepts

Discount Pricing

Discount pricing is a common business strategy where products are sold at a reduced price compared to their original value. This involves subtracting a certain percentage from the original price, making it attractive to consumers looking for savings.

Percentage Calculation

Percentage calculation is a mathematical method used to determine a part of a whole in terms of 100. In business pricing, it is essential for computing both the discount amount applied to the original cost and for finding the final selling price after the discount.

Algebraic Problem Solving

Algebraic problem solving involves setting up and solving equations to find unknown values. In the context of discount pricing, it includes establishing an equation that connects the original price, the discount percentage, and the discounted price to compute the original cost or the savings.

Savings Calculation

Savings calculation is the process of determining the dollar amount saved by purchasing an item at a discounted price rather than its original price. It is calculated by subtracting the discounted price from the original price, providing a clear measure of the benefit received.

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