Answer:
16.67%
Step-by-step explanation:
Let X be the credit price per book:
[tex]Total \ Credit \ Price=5X[/tex]
Let Y be the cash price per book:
[tex]Total \ Cash \ Price=6Y[/tex]
#The net credit price is equal to the net cash price:
[tex]5X=6Y\\\\Y=\frac{5}{6}X[/tex]
-For each cash buy, you pay 1/6 less than for each credit buy which is the discount rate:
[tex]d=(1-\frac{5}{6})\times 100\%\\\\=16.67\%[/tex]
Hence, the discount rate is 16.67%
