Question
Last year, the city of Belmont experienced a budget deficit of \( \$ 744,790 \). This year, the budget deficit is expected to be \( \$ 521,353 \). What is the percent of decrease in the budget deficit? \( \square \% \)
Ask by May Medina. in the United States
Feb 19,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The budget deficit decreased by 30%.
Solution
To find the percent decrease in the budget deficit, follow these steps:
1. Calculate the difference between last year's and this year's deficits.
Decrease = Last Year's Deficit − This Year's Deficit
= \$744,790 − \$521,353
= \$223,437
2. Divide the decrease by last year's deficit and multiply by 100 to convert to a percentage.
Percent Decrease = (Decrease / Last Year's Deficit) × 100
= (\$223,437 / \$744,790) × 100
= 0.3 × 100
= 30%
Thus, the budget deficit decreased by 30%.
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Simplify this solution The Deep Dive
To find the percent of decrease in the budget deficit, you can use the formula: \[ \text{Percent Decrease} = \frac{\text{Old Value} - \text{New Value}}{\text{Old Value}} \times 100 \] In this case, the old value is \( 744,790 \) and the new value is \( 521,353 \). Calculating the difference: \[ 744,790 - 521,353 = 223,437 \] Now plug this into the formula: \[ \text{Percent Decrease} = \frac{223,437}{744,790} \times 100 \approx 30.01\% \] So, the percent of decrease in the budget deficit is approximately \( 30.01\% \).
