Question

Say that the economy is in a recession, which is causing the value of gold to fall by three percent. If you have gold reserves which were previously worth $8,590, how much value have you lost as a result of this recession, to the nearest cent?

Answer 1

Given:
Value of gold = 8,590
decrease in value = 3%

8,590 * 3% = 257.70 amount lost due to recession.

8,590 - 257.70 = 8,332.30 new value of gold.

Answer 2

value we have lost as a result of this recession, to the nearest cent is:

257 dollars and 70 cents

Explanation:

We have a gold which was worth $8590.

The value of gold fell by three percent.

Value we have lost as a result of this recession is:

3% of $8590

=
`(3)/(100)*8590`

= $ 257.7

1 dollar= 100 cents

257.7 dollars = 257 dollars and 70 cents

hence, value we have lost as a result of this recession, to the nearest cent is:

257 dollars and 70 cents