To determine the percent of change for the novel's price, we use the formula for percent change:
\[ \text{Percent Change} = \frac{\text{New Price} - \text{Old Price}}{\text{Old Price}} \times 100 \]
In this case, the old price is the regular price of $24.95, and the new price is the sale price of $14.97.
Now, plug in the numbers:
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Calculate the difference in price: \[ 14.97 - 24.95 = -9.98 \]
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Now, calculate the percent change: \[ \text{Percent Change} = \frac{-9.98}{24.95} \times 100 \approx -40.05 \]
The negative sign indicates a decrease in price. So, the percent of change is approximately 40.05% decrease.