Determine the percent change in the price of an item tha was selling for \( \$ 175.00 \) last year, and is being sold for \( \$ 140.00 \) this year.

1. We start with the percent change formula: \[ \text{Percent Change} = \frac{\text{New Price} - \text{Old Price}}{\text{Old Price}} \times 100\% \] 2. Substitute the given values (old price = \(175.00\) and new price = \(140.00\)): \[ \frac{140.00 - 175.00}{175.00} \times 100\% \] 3. Calculate the difference in the numerator: \[ 140.00 - 175.00 = -35.00 \] So, the expression becomes: \[ \frac{-35.00}{175.00} \times 100\% \] 4. Compute the division: \[ \frac{-35.00}{175.00} = -0.2 \] 5. Multiply by 100 to convert to a percentage: \[ -0.2 \times 100\% = -20\% \] The percent change in the price of the item is \(-20\%\).