Percentage Discount given an Original Price of $240 and a Sale Price of $231.60

Discount Rate = 1 –  
Discount Rate = 1 – 0.965
Discount Rate = 0.035
0.035 Converted to a Percent: 0.035 = 3.5%
Percentage Discount given an Original Price of $240 and a Sale Price of $231.60 = 3.5%
Note: Reduction in Price = $240 – $231.60 = $8.40