If I get a 20% discount on a $50 item, how much will I pay?

To calculate the final cost after a 20% discount, you can use the formula:

[ \text{Final cost} = \text{Original cost} - (\text{Original cost} \times \text{Discount percentage}) ]

Plugging in the numbers: [ \text{Final cost} = $50 - ($50 \times 0.20) ] [ \text{Final cost} = $50 - $10 ] [ \text{Final cost} = $40 ]

So, after applying a 20% discount, the final cost of the item will be $40.

It's a great way to practice applying percentages to real-life situations!