Calculating discount off list involves determining the reduction in price for an item from its original retail cost. For instance, a sweater with a list price of $100 might be discounted by 20%, resulting in a sale price of $80.
Calculating discounts accurately is crucial in various industries, including retail, manufacturing, and finance. It helps businesses manage inventory, maximize profits, and offer competitive pricing. Historically, the concept of discounts emerged in the early 20th century when retailers began offering reductions to attract customers and clear excess stock.