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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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  1. 29 November, 08:55
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    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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