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Not necessarily. It depends on whether the 3% is based on the already discounted price or the original full price: eg original price 100, less 5% = 95. Taking 3% off this is a further 2.85 giving a new nett of 92.15. A straight 8% would leave 92 exactly...

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Q: A 5 percent discount of an item and subsequent 3 percent discount is the same overall 8 percent discount?
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