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.

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: \[ \text{Difference} = 20.47 - 18.88 = 1.59 \]

Step 2: Calculate the Percentage Change

Next, we calculate the percentage change using the formula: \[ \text{Percentage Change} = \left( \frac{\text{Difference}}{\text{Old Price}} \right) \times 100 \] Substituting the values, we have: \[ \text{Percentage Change} = \left( \frac{1.59}{20.47} \right) \times 100 \approx 7.77 \]

Step 3: Round the Result

Finally, we round the percentage change to two decimal places, resulting in: \[ \text{Rounded Percentage Change} = 7.77 \]