 Mathematics
29 November, 08:28

# During the financial crisis of 2008, the price of a barrel of Brent crude oil fell from a high of \$140 per barrel to around \$50 per barrel. What is the percentage change in the price of oil that occurred during this period? Round your answer to the nearest tenth of a percent. Do not include the percent sign in your answer. For example, if your answer is 15.57%, enter 15.6.

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Answers (1)
1. 29 November, 08:55
0
A reduction of 64.3 percent

Step-by-step explanation:

Initial price of Brent crude oil=\$140 per barrel

Final price of Brent crude oil=\$50 per barrel

The percentage change in price = ((Final price-Initial price) / (Initial price)) * 100

(50-140) / 140=-0.6429*100=-64.29

Rounding off to tenth of a percent=10/100=0.1

-64.29=-64.3 since 64.29 is nearer to 64.3 than 64.2

-64.3 percent implies a reduction of 64.3 percent

There was a reduction of 64.3 percent
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