The amount of discount is equal to
[tex]1180-1062=118[/tex]that is, the amount is $118.
Now, let x be the rate of discount, then we have
[tex]1180(1-\frac{x}{100})=1062[/tex]then, we have
[tex]\begin{gathered} (1-\frac{x}{100})=\frac{1062}{1180} \\ (1-\frac{x}{100})=0.9 \end{gathered}[/tex]If we move 1 to the right hand side, we get
[tex]\begin{gathered} -\frac{x}{100}=0.9-1 \\ \frac{x}{100}=0.1 \\ x=0.1\times100 \\ x=10 \end{gathered}[/tex]that is, the rate od discount is 10%
