I have received an invoice for £6966.20 which includes 3% discount. How do i calculate the gross figure?

Previously for working back a discount of 3% i have been told to ad 1/39th of the sum.

what would be the process for working back 3% discount?

August 29th, 2013 admin

I have received an invoice for £6966.20 which includes 3% discount. How do i calculate the gross figure?

Previously for working back a discount of 3% i have been told to ad 1/39th of the sum.

what would be the process for working back 3% discount?

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Full price = discount price / (1 – discount in decimal form)….

= 6966.20 / (1 – 0.03)

= 6966.20 / 0.97

= 7,181.65 <rounded to the nearest penny

check math:

With a 3% discount you are paying 97% of the full price…

7,181.65 * 0.97 = 6966.20

6966.20 = Gross Value * (1 – 3/100) = Gross Value * 0.97

Gross Value = 6966.20 / 0.97

The original price was 100%. You have paid 97%.

So divide your price by 97 then multiply it by 100 to get the original price:

£6966.20/97 = 71.81 x 100 = £7181 (Give or take a few pence, depending on how many decimal places you work to).