A grocery store reduced the price of a loaf of bread from $3.30 to $3.25. Find the percent change (discount rate). Round to the nearest tenth of a percent.
100(0.05/3.3) = ______%
To find the percent change or discount rate, you need to determine the difference between the original price and the final price, and then divide it by the original price. Here's how you can calculate it:
Step 1: Determine the difference between the original price and the final price.
Original price = $3.30
Final price = $3.25
Difference = Final price - Original price
Difference = $3.25 - $3.30
Difference = -$0.05 (since the price decreased)
Step 2: Divide the difference by the original price.
Discount rate = (Difference / Original price) * 100
Discount rate = (-$0.05 / $3.30) * 100
Discount rate ≈ -0.01515 * 100
Discount rate ≈ -1.52%
Therefore, the discount rate, rounded to the nearest tenth of a percent, is approximately -1.5%. This indicates a 1.5% decrease in the original price of the loaf of bread.