To find the percentage reduction in price, you can use the following formula:
\[ \text{Percentage Reduction} = \left(\frac{\text{Original Price} - \text{Reduced Price}}{\text{Original Price}}\right) \times 100 \]
In this case:
- Original Price = $24
- Reduced Price = $20
Now, plug in the values:
\[ \text{Percentage Reduction} = \left(\frac{24 - 20}{24}\right) \times 100 \]
Calculating the difference:
\[ 24 - 20 = 4 \]
Now, substitute back into the formula:
\[ \text{Percentage Reduction} = \left(\frac{4}{24}\right) \times 100 \]
Calculating the fraction:
\[ \frac{4}{24} = \frac{1}{6} \]
Now, convert that to a percentage:
\[ \frac{1}{6} \approx 0.1667 \]
Now, multiply by 100:
\[ 0.1667 \times 100 \approx 16.67 \]
Thus, the percentage reduction in price is approximately 16.67%.