The price of a technology stock has dropped to $9.59 today. Yesterday's price was $9.68. Find the percentage decrease. Round your answer to the nearest tenth of a percent.
Question
The price of a technology stock has dropped to 9.68. Find the percentage decrease. Round your answer to the nearest tenth of a percent.
Solution
To calculate the percentage decrease:
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First, find the difference in price between yesterday and today. Subtract today's price from yesterday's price: 9.59 = $0.09.
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Next, divide the difference by the original price (yesterday's price) to find the decrease: 9.68 = 0.00929752066.
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To convert this to a percentage, multiply by 100: 0.00929752066 * 100 = 0.929752066.
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Finally, round this to the nearest tenth of a percent: 0.9%.
So, the percentage decrease in the price of the technology stock is 0.9%.
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