The owner of a furniture store decides to reduce the price of a sofa from $800-$560 by what percentage was the price of the sofa reduced
To calculate the percentage reduction in price, we can use the formula:
Percentage reduction = ((Original price - New price) / Original price) x 100
Given that the original price of the sofa was $800 and the new price is $560, we can plug in these values into the formula:
Percentage reduction = (($800 - $560) / $800) x 100
Percentage reduction = ($240 / $800) x 100
Percentage reduction = 0.3 x 100
Percentage reduction = 30%
Therefore, the price of the sofa was reduced by 30%.