Discount rate. Future Bookstore sells books before they are published. Today, they are offering the book Adventures in Finance for \( \$ 15.98 \), but the book will not be published for another 2 years. The retail price when the book is published will be \( \$ 21 \). What is the discount rate Future Bookstore is offering its customers for this book? What is the discount rate Future Bookstore is offering its customers for this book? (Round to two decimal places.)

To find the discount rate offered by Future Bookstore for the book "Adventures in Finance", we need to calculate the discount rate using the formula: \[ \text{Discount Rate} = \left(1 - \frac{\text{Discounted Price}}{\text{Retail Price}}\right) \times 100\% \] Given: - Discounted Price = $15.98 - Retail Price = $21 Substitute the values into the formula to find the discount rate. Calculate the value by following steps: - step0: Calculate: \(\left(1-\left(\frac{15.98}{21}\right)\right)\times 100\) - step1: Divide the terms: \(\left(1-\frac{799}{1050}\right)\times 100\) - step2: Subtract the numbers: \(\frac{251}{1050}\times 100\) - step3: Reduce the numbers: \(\frac{251}{21}\times 2\) - step4: Multiply: \(\frac{251\times 2}{21}\) - step5: Multiply: \(\frac{502}{21}\) The discount rate offered by Future Bookstore for the book "Adventures in Finance" is approximately 23.90%.