Final answer:
The percentage change in price from 110 to 98 is calculated using the formula: ((Old Price - New Price) / Old Price) × 100%, which results in a 10.91% decrease.
Step-by-step explanation:
Percentage Change Calculation
To calculate the percentage change when a price decreases from 110 to 98, we use the formula:
Percentage Change = ((Old Price - New Price) / Old Price) × 100%
In this case:
Old Price = 110
New Price = 98
Therefore, the calculation is:
Percentage Change = ((110 - 98) / 110) × 100
Percentage Change = (12 / 110) × 100
Percentage Change = 0.10909 × 100
Percentage Change = 10.909%
To two decimal places, the percentage change is 10.91%.