Question

In 2021, the Internal Revenue Service (IRS) decreased the deductible mileage cost to 56 cents from 57.5 cents. Find the percent decrease. (Round to the nearest hundredth of a percent)

Answer 1

The deductible mileage cost has reduced by 2.16%

What is a percentage change?

A percentage change  compares the difference between the new amount and the old amount to the old amount.

I mean the percentage change is the new deductible mileage cost minus the old deductible mileage cost divided by the old deductible mileage cost

New deductible mileage cost= 57.5 cents

Old deductible mileage cost= 56 cents

percentage decrease=(56-57.5)/57.5

percentage decrease=-2.61%

The negative sign in -2.61% means that there was a percentage decrease in deductible mileage cost by 2.61%

In essence, the deductible mileage cost has been reduced by 2.16%

Hundredth of a percent means two decimal places.

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