SOLUTION: After a firm installed new equipment, its cost of producing a business letter dropped from $24 to $20. What percent decrease does this represent?

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Question 255497: After a firm installed new equipment, its cost of producing a business letter dropped from $24 to $20. What percent decrease does this represent?
Found 2 solutions by rfer, josmiceli:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
4/24=.17=17%

Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
In different words:
What percent of the original price is the difference (original price - new price)
The formula is:
(x/100) = (original price - new price)/original price
x%2F100+=+%2824+-+20%29%2F24
x%2F100+=+1%2F6
multiply both sides by 600
6x+=+100
x+=+16.67
The decrease is 16.67% of the original price