A frustum. Specifically, a frustum of a triangular pyramid -- as one could also have a frustum of a cone, square pyramid, etc.
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It's converted into a fraction because since it repeats, if you round it or cut it off after a certain point, it doesn't have the same value.
If you take a regular four sided pyramid and chop off the top, parallel with the base, the left over piece would be a solid with four identical trapezoidal faces and a square top and bottom. The only name I know is 3-D trapezoid.
The answer depends on whether you start off with a open ended object like a strip of paper of a length of fabric, or a closed object like a loop of paper or a doughnut. The answer also depends on whether you can stack pieces that you have already cut for the next cut. For an open ended object and no stacking, you will need 342 cuts.
You are usually 7-8 years old in 2nd grade, but could be as young as 6 (if you started school early or if your state has a later cut-off date that allowed you to start kindergarten at age 4 instead of 5) or as old as 9 (if you were held back a year).
Call the unknown regular price r. Then from the problem statement, r(1 - 0.35) = 89.43, or r = 89.43/0.65 = 137.58 (if the 35 percent is assumed to be exact).