Posted by Mike (WA) on February 16, 2012 at 08:27:50 from (69.10.196.197):
In Reply to: Re: Double your money posted by MarkB_MI on February 16, 2012 at 02:15:23:
Guess what I should have said is, everybody is used to rounding to the nearest penny- but not sure if they would go for rounding to the nearest dime, which is what it would take to get rid of pennies and nickels.
It should all come out pretty even, in the end- as many items rounded upward as rounded down- except someone would immediately write a computer program to give optimum price point, such that after adding sales tax, would always round up, in the retailer's favor.
Example: An item that you would normally price at 60 cents: plus 8% sales tax, equals $.648; round it down to $.60, which customer pays, and store ends up eating all the sales tax. But increase price to $.61, plus 8% = $.6501; store rounds up to 70 cents, customer pays all the sales tax plus an extra 4.99 cents from rounding. Store would reprice everything so they made very nearly an extra nickel on each transaction. For small items, that would probably double the profit margin!
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