Five years ago, a typical 70” TV cost about $2400. Now a similar TV costs approximately $1680. What is the percent decrease in TV price?

Answer:The percentage decrease in TV price after five years is 6.89 Step-by-step explanation:Given as :The cost of TV five years ago = $ 2400The present cost of TV = $ 1680 Let The decrease percentage in five years = x So, The cost of TV after T year = Present cost ×  [tex](1-\frac{Rate}{100})^{Time}[/tex]Or, $ 1680 = $ 2400 ×  [tex](1-\frac{Rate}{100})^{5}[/tex] Or, 0.7 =  [tex](1-\frac{Rate}{100})^{5}[/tex]  Or,  [tex](0.7)^{\frac{1}{5}}[/tex] = 1 - [tex]\frac{x}{100}[/tex]Or, 0.9311 = 1 - [tex]\frac{x}{100}[/tex] Or, [tex]\frac{x}{100}[/tex]  = 1 - 0.9311 ∴, [tex]\frac{x}{100}[/tex]  = 0.0689 I.e x = 0.0689 × 100 = 6.89 Hence The percentage decrease in TV price after five years is 6.89 Answer