SOLUTION: The electricity costs of a business decreased from $12,000 one year to $10,920 the next. What is the rate of decrease?

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Question 38285: The electricity costs of a business decreased from $12,000 one year to $10,920 the next. What is the rate of decrease?
Found 2 solutions by checkley71, fractalier:
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
(12,000-10,920)/12,000=.09 or 9% decrease

Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
The percentage (or rate) of decrease is found by
% decrease = [(new - old) / old] x 100%
so plugging in we have
% = [(10920 - 12000) / 12000] x 100%
= (-1080 / 12000) x 100%
= -9%
which means a 9% decrease