What is discount rate for list price 7031 and sale price 6990

The discount rate is used to calculate the discount offered on the list price of a product. It is calculated in terms of percentage

The following is the formula for calculating the discount rate,

To calculate the discount rate of a product with list price 7031 and sale price 6990, let’s first put it in the formula

${\small\%}\; discount = \frac{7031 - 6990}{7031} \times 100$

${\small\%}\; discount = \frac{41}{7031} \times 100$

${\small\%}\; discount = 0.0058 \times 100$

${\small\%}\; discount = 0.58$

The discount rate for products with list price 7031 and sale price 6990 is 0.58%