Q1) A pet food company in Toronto, Ontario sells a bag of food for $22.60 with trade discount rates of 9% and 6%. At the same time, a company in Orillia, Ontario sells the same bag of food for $22.40 with two trade discount rates of 8% and 4%.

a. Which company is offering the food for a cheaper price?

The company in Toronto

The company in Orillia

b. What further trade discount rate must the company with the higher price provide to match the lower price?

% Round to two decimal places

Q2) A bank in Toronto charges a 2.50% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3875.

a. How many Canadian dollars will you have to pay to purchase US$1,405?

Round to the nearest cent

b. How much commission in Canadian dollars (C$) will you pay the bank for the above transaction?

Round to the nearest cent