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)

Answers

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%

deductible mileage costhas reduced by 2.16%What is a percentage change?deductible mileage costminus the old deductible mileage cost divided by the olddeductible mileage costdeductible mileage cost= 57.5 centsdeductible mileage cost= 56 centspercentage decrease=(56-57.5)/57.5percentage decrease=-2.61%deductible mileage costby 2.61%deductible mileage costhas been reduced by 2.16%Hundredth of a percentmeans two decimal places.percent changeon:https://brainly.com/question/2085058