Please find the attached file for a better understanding of the explanation given here.
the attached diagram is a generated image of the first fifteen rows of a pascal's triangle. As can be seen from the image, the least four-digit number in the first fifteen rows of pascal's triangle is 1001.
In the diagram attached that number is present in the very last row and is highlighted using a yellow rectangle.
Since the price is going down, it's going to be a percent decrease. Now to find the percent, we divide the "after" price by the "before" price.
240 / 320 = 0.75 = 75%
The item had a 75% decrease.