A shopper at a clearance sale is pleased to discover some chests of drawers on sale for $115 each. The original price tags read $125. What is the discount, as a percentage?

Answer

Q: What is the formula for calculating percent of change? A: Percent of change = (|new value - old value| / old value) x 100.
Q: What is the new value in this problem? A: The new value is $115.
Q: What is the old value in this problem? A: The old value is $125.
Q: What is the discount, as a decimal? A: |115 - 125| / 125 = 0.08.
Q: What is the discount, as a percentage? A: 0.08 x 100 = 8%.