Question

Joe had $2,251.35 in his bank, and it dropped to $1,975.86. What is the percent change rounded to the nearest percent?

a) 12%
b) 14%
c) 18%
d) 20%

Answer 1

To determine the percent change in Joe's bank balance, we subtracted the final amount from the original, divided by the original amount, and then multiplied by 100 to get a percentage. The result is approximately 12.23%, which we round down to 12%.

Step-by-step explanation:

The question concerns the calculation of the percent change in Joe's bank balance when it dropped from $2,251.35 to $1,975.86. To find the percent change, we use the formula:

Percentage change = (Change in quantity / Original quantity) × 100

First, we find the change in quantity:

Change in quantity = $2,251.35 - $1,975.86 = $275.49

Next, we divide the change in quantity by the original amount:

$275.49 / $2,251.35 = 0.1223

Finally, we convert this to a percentage and round to the nearest percent:

0.1223 × 100 = 12.23%, which rounds to 12%

The correct answer is (a) 12%.