A percentage is a way to describe a part of a whole. The percentage change in the price of the TV will be 60.2%.
What are Percentages?
A percentage is a way to describe a part of a whole. such as the fraction ¼ can be described as 0.25 which is equal to 25%.
To convert a fraction to a percentage, convert the fraction to decimal form and then multiply by 100 with the '%' symbol.
As it is mentioned that the price of the tv 3 years ago was $500, while the current price of the tv is $199. Therefore, the percentage change in the price of the tv can be written as,
[tex]\rm Percentage\ change = \dfrac{\text{Initial value - Final value}}{Initial\ value} \times 100\%[/tex]
[tex]\rm Percentage\ change = \dfrac{\$500-\$199}{\$500} \times 100= 60.2\%[/tex]
Hence, the percentage change in the price of the TV will be 60.2%.
Learn more about Percentages:
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