Percentage Discount given an Original Price of $55 and a Sale Price of $46.75

Discount Rate = 1 –  
Discount Rate = 1 – 0.85
Discount Rate = 0.15
0.15 Converted to a Percent: 0.15 = 15%
Percentage Discount given an Original Price of $55 and a Sale Price of $46.75 = 15%
Note: Reduction in Price = $55 – $46.75 = $8.25