The formula to calculate the Group Rate (GR) is:
\[ GR = IR - \frac{IR \times D}{100} \]
Where:
The Group Rate is the discounted rate offered to a group of individuals. It is calculated by applying a discount percentage to the individual rate. This metric is useful for businesses and organizations to offer special pricing for group bookings or purchases.
Let's say the individual rate (IR) is $100, and the group rate discount (D) is 20%. Using the formula:
\[ GR = 100 - \frac{100 \times 20}{100} = 80 \]
So, the group rate (GR) is $80.
