Questions: The price of a good falls from 20.47 to 18.88. What was the percentage change in the price of the good?
Round to two decimal places. Do not enter a percent sign.
Transcript text: The price of a good falls from $\$ 20.47$ to $\$ 18.88$. What was the percentage change in the price of the good?
Round to two decimal places. Do not enter a percent sign.
Solution
Solution Steps
Step 1: Calculate the Difference
First, we find the difference between the old price and the new price:
Difference=20.47−18.88=1.59
Step 2: Calculate the Percentage Change
Next, we calculate the percentage change using the formula:
Percentage Change=(Old PriceDifference)×100
Substituting the values, we have:
Percentage Change=(20.471.59)×100≈7.77
Step 3: Round the Result
Finally, we round the percentage change to two decimal places, resulting in:
Rounded Percentage Change=7.77