In 1990, the price of a gallon of unleaded gasoline was $1.37. In 1998, it was $1.02 per gallon. What is the decrease expressed as a percent change? Round to the nearest tenth of a percent if necessary.

Question

jimthompson5910 · Answer

Here's a similar problem

The price of gas starts off at $3.00 one year, and then the next year it drops to $2.50
What is the percentage decrease?
<hr class="bbcode_rule" />
Solution:

A = old value = 3.00
B = new value = 2.50
C = percent change
C = [(B-A)/A]*100%
C = [(2.50-3)/3]*100%
C = (-0.50/3)*100%
C = (-0.1667)*100%
C = -16.67%
The negative percentage means we have a percent decrease. If C were positive, then it would be a percent increase.

The solution to this example problem is roughly 16.67% decrease

Use these steps to solve your question.