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 the sofa reduced? (1 point)
The price of the sofa was reduced by 30%.
To calculate the percentage of the reduction, you can use the formula:
Percentage decrease = (Original price - New price) / Original price * 100
Percentage decrease = (800 - 560) / 800 * 100
Percentage decrease = 240 / 800 * 100
Percentage decrease = 0.3 * 100
Percentage decrease = 30%
Therefore, the price of the sofa was reduced by 30%.