Question

The price of platinum went from $1,479.00 a troy ounce down to $1,035.30 a troy ounce during the past 4 months. This represents a decrease in price of what percent?

Answer 1

Given:

`\begin{gathered} Old\text{ value}=\text{ \$1479.00} \\ new\text{ value}=\text{ \$1035.30} \end{gathered}`

The percentage decrease is calculated with the formula,

`\begin{gathered} percent\text{ decrease}=\frac{old\text{ }value-new\text{ }value}{old\text{ value}}*100\text{ \%} \\ percent\text{ decrease}=(1479-1035.30)/(1479)*100\text{ \%} \\ percent\text{ decrease}=(443.7)/(1479)*100\text{ \%} \\ percent\text{ decrease}=30\text{\%}^ \\ \end{gathered}`

Therefore, this represents a decrease in the price of 30%