Question

The Widget Manufacturing industry has approximately 123.2 thousand Jobs in 2020, but has expected to decline at an average annual rate of 4.4 thousand jobs per year from 2020 to 2030. Assuming this holds true, what will be the industry's percent of change from 2020 to 2030?

Answer 1

The answer is 35.71%

Step by step explanation

In 2020 the industry has 123,200 jobs.

Each year, the industry loses 4,400 jobs.

Thus, by 10 years in (2030), the industry would have lost (4,400)(10) or 44,000 jobs.

This means that in 2030, there will only be 123,200-79200 jobs left.

Now, percentage change is given by:

New−Old

⋅100%

The new value is 79200 and the old value is 123,200. Substitute

123200

(79200)−(123200)

⋅100%

Simplify:

PC≈−0.3571⋅100%

PC≈−35.71%

the percentage change from 2020 to 2030 is 35.71%

Answer 2

35.71%

Explanation:

So, let's determine the number of jobs the industry will have in 2030.

So, in 2020, the industry has 123,200 jobs.

Each year, the industry loses 4,400 jobs.

Thus, by 10 years in (2030), the industry would have lost (4,400)(10) or 44,000 jobs.

This means that in 2030, there will only be 123,200-79200 jobs left.

Now, percentage change is given by:

`PC=(New-Old)/(Old)\cdot100\%`

The new value is 79200 and the old value is 123,200. Substitute them:

`PC=((79200)-(123200))/(123200)\cdot100\%\\`

Use a calculator. Simplify:

`PC=(-44000)/(123200)\cdot100\%\\ PC\approx-0.3571\cdot100\%\\PC\approx-35.71\%`

If the result is negative, then it's a decrease. Therefore, the percentage change from 2020 to 2030 is approximately 35.71%