The owner of a furniture store decides to reduce the price of a sofa from $ 800 to $560. By what percentage was the price of a sofa reduced?
To find the percentage by which the price of the sofa was reduced, you can use the formula:
Percentage decrease = ((original price - new price) / original price) x 100
In this case:
Original price = $800
New price = $560
Percentage decrease = ((800 - 560) / 800) x 100
Percentage decrease = (240 / 800) x 100
Percentage decrease = 0.3 x 100
Percentage decrease = 30%
Therefore, the price of the sofa was reduced by 30%.