Answer
The percent decrease in the price of the piece of furniture is 16%.
Work Step by Step
To find the percent change, we use the following formula:
percent change = $\frac{New\ amount\ -\ Original\ amount}{Original\ amount}$ $\times$ 100%
The original price was 500. The new price is 420.
Substituting these values into the formula yields:
percent change= $\frac{420-500}{500}$ $\times$ 100%
percent change = $\frac{-80}{500}$ $\times$ 100%
percent change = -0.16 $\times$ 100%
percent change = -16%
The percent decrease in the price of the piece of furniture is 16%.
