First find the difference in prices...
475 - 275 = 200 so the price went down 200 dollars. No we need to find what percentage of 475 is 200.
475 × x = 200
x = 200/475
x = .4211
Now convert to percentage by multiplying by 100 (move decimal 2 places to the right)
.4211 = 42.11%
It is a 42.11% price reduction.