The discounted price is as a result of the original price being reduced by 40% and the relation of the markdown price and the original is 0.8x = y.
The discount percentage can be found by:
= (Original price - Discounted price) / Original price x 100%
= (119.99 - 71.99) / 119.99 x 100%
= 48/119.99 x 100%
= 40%
The markdown price is as a result of 40% being deducted from the original price:
Original price - 20% of original price = Markdown price
x - (20% × x) = y
x - 0.2x = y
0.8x = y
In conclusion, the markdown percentage is 40% and the equation that shows it is 0.8x = y
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