A formula for calculating a discount (noun) is a mathematical equation used to determine the reduced price of a good or service, such as when a store offers a 20% discount on a $100 item, resulting in a final price of $80.
Calculating discounts is crucial for businesses to optimize pricing strategies, increase sales, and manage inventory. Historically, discounts were determined through manual calculations, but the advent of calculators and spreadsheet software has streamlined the process.