To calculate the percent decrease, you can use the formula:
\[ \text{Percent Decrease} = \left( \frac{\text{Original Price} - \text{New Price}}{\text{Original Price}} \right) \times 100 \]
In this case, the original price is $42.50 and the new price is $34.00.
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Calculate the decrease in price: \[ \text{Decrease} = 42.50 - 34.00 = 8.50 \]
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Now, plug this value into the percent decrease formula: \[ \text{Percent Decrease} = \left( \frac{8.50}{42.50} \right) \times 100 \]
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Calculate \( \frac{8.50}{42.50} \): \[ \frac{8.50}{42.50} \approx 0.2 \]
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Now multiply by 100 to get the percentage: \[ 0.2 \times 100 = 20% \]
Therefore, the percent decrease is 20%.