harvey owns a restaurant. he had 425 customers at the end of the first quarter, and 17 new customers in the…

Explanation:

Step1: Find number of retained old - customers

The number of old customers at the beginning of the second quarter is 425. The number of customers at the end of the second quarter is 455, and 17 are new customers. So the number of retained old - customers is $455 - 17=438$.

Step2: Calculate customer retention rate

The customer retention rate formula is $\text{Retention Rate}=\frac{\text{Number of Retained Old Customers}}{\text{Number of Old Customers at the Beginning}}\times100%$. Substitute the values: $\text{Retention Rate}=\frac{438}{425}\times 100%$. $438\div425\approx1.0306$. Then $1.0306\times100% = 103.06%$ (This is wrong. Let's correct the first - step logic).

The correct Step1: The number of old customers at the beginning of the second quarter is 425. The number of new customers in the second quarter is 17. The number of customers at the end of the second quarter is 455. So the number of old customers that left is $425-(455 - 17)=425 - 438=- 13$ (This means we made a wrong start. Let's start over).

The correct way: The number of old customers at the start of the quarter is 425. The number of non - new customers at the end of the quarter is $455 - 17=438$. The customer retention rate $r=\frac{438 - 17}{425}\times100%=\frac{421}{425}\times100%$. $421\div425\approx0.9906$. Then $0.9906\times100% = 99.06\approx99%$

Answer:

99%