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?
To calculate the percentage reduction, we first need to find the amount of the reduction:
$800 - $560 = $240
Next, we can calculate the percentage reduction by dividing the amount of the reduction by the original price and then multiplying by 100:
($240 / $800) x 100 = 30%
Therefore, the price of the sofa was reduced by 30%.