Danny's Bike Shop sells a certain model of racing bike for $550. The same bike can be bought at a competing shop for 7 percent less. How much does the bike cost at Danny's competitor?

Answer:$511.5Step-by-step explanation:Given: Selling price of bike at Danny´s shop is $550            Bike is sold 7% less at competitor´s shop.Lets find the discounted amount at Danny´s competitor shop.∴ [tex]\frac{7}{100} \times 550 = \$ 38.5[/tex]Now, finding the cost of bike at Danny´s competitor.Cost of bike at Danny´competitor= [tex](\textrm{Price at dannys shop - discount provided by competitor})[/tex]Cost of bike at Danny´s competitor= [tex]550-38.5= \$511.5[/tex]∴ Cost of bike at Danny´s competitor is $511.5.