To find the percentage by which the price was reduced, you can use the following formula:
\[ \text{Percentage Reduction} = \left( \frac{\text{Original Price} - \text{New Price}}{\text{Original Price}} \right) \times 100 \]
In this case, the original price is 24 dollars and the new price is 20 dollars.
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Calculate the difference in price: \[ 24 - 20 = 4 \text{ dollars} \]
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Now, plug the values into the formula: \[ \text{Percentage Reduction} = \left( \frac{4}{24} \right) \times 100 \]
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Simplify the fraction: \[ \frac{4}{24} = \frac{1}{6} \]
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Now calculate: \[ \text{Percentage Reduction} = \frac{1}{6} \times 100 \approx 16.67 \]
Therefore, the price was reduced by approximately 16.67%.