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Consumers currently make 33 percent of in-store payments with cash, 14 percent by check, 19 percent...

Consumers currently make 33 percent of in-store payments with cash, 14 percent by check, 19 percent with a credit card, and 23 percent with a debit card. If a store has $589,200 of sales, what was the amount paid using each method? prepare a pie chart to illustrate the percentage breakdown of payment methods.

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Expert Solution

Total Sales = $589,200

Percentage payment made through Cash = 33%

Amount Paid through Cash = Percentage payment made through Cash * Total Sales = 33% * $589,200 = $194,436

Percentage payment made through Check = 14%

Amount Paid through Check = Percentage payment made through Check * Total Sales = 14% * $589,200 = $82,488

Percentage payment made through Credit Card = 19%

Amount Paid through Credit Card = Percentage payment made through Credit Card * Total Sales = 19% * $589,200 = $111,948

Percentage payment made through Debit Card = 23%

Amount Paid through Debit Card = Percentage payment made through Debit Card * Total Sales = 23% * $589,200 = $135,516

Remaining Percentage payment made though other modes(Not Specified) = 100% - Percentage payment made through Cash - Percentage payment made through Check - Percentage payment made through Credit Card - Percentage payment made through Debit Card = 100% - 33% - 14% - 19% - 23% = 100% - 89% = 11%

Pie Chart :

jeff jeffy answered 6 months ago
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