To calculate the percent error in their prediction, we can use the following formula:
\[ \text{Percent Error} = \left( \frac{\text{Actual Value} - \text{Predicted Value}}{\text{Predicted Value}} \right) \times 100 \]
In this case, the predicted time is 60 minutes, and the actual time they finished is 53 minutes.
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Calculate the difference: \[ \text{Actual Value} - \text{Predicted Value} = 53 - 60 = -7 \text{ minutes} \]
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Calculate the percent error: \[ \text{Percent Error} = \left( \frac{-7}{60} \right) \times 100 \]
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Perform the division: \[ \frac{-7}{60} \approx -0.11667 \]
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Multiply by 100: \[ -0.11667 \times 100 \approx -11.67 \]
Since we typically report percent error as a positive value, we take the absolute value:
\[ \text{Percent Error} \approx 11.7% \]
Thus, the percent error, rounded to the nearest tenth, is 11.7%.