ronnie wants to lower his utility bills to save money on his monthly expenses. he discovers that if he…

ronnie wants to lower his utility bills to save money on his monthly expenses. he discovers that if he replaces his water heater with a solar water heater his monthly utility bills can decrease around 50% to 85%. at the end of the year ronnie wants to calculate the percentage his new solar water heater saved him in the utility bills compared to last year. ronnies total utility expenses for this year are $862.40 and last year the utility expenses were $1935.67. what percentage did ronnie save on his utility bills by switching to a solar water heater? a. 44.5% b. 97.8% c. 55.4% d. 67.5% please select the best answer from the choices provided

ronnie wants to lower his utility bills to save money on his monthly expenses. he discovers that if he replaces his water heater with a solar water heater his monthly utility bills can decrease around 50% to 85%. at the end of the year ronnie wants to calculate the percentage his new solar water heater saved him in the utility bills compared to last year. ronnies total utility expenses for this year are $862.40 and last year the utility expenses were $1935.67. what percentage did ronnie save on his utility bills by switching to a solar water heater? a. 44.5% b. 97.8% c. 55.4% d. 67.5% please select the best answer from the choices provided

Answer

Explanation:

Step1: Calculate the amount saved

Let the amount saved be $S$. We use the formula $S = \text{Last - year expenses}-\text{This - year expenses}$. So, $S=1935.67 - 862.40=1073.27$.

Step2: Calculate the percentage saved

The formula for percentage saved $P$ is $P=\frac{S}{\text{Last - year expenses}}\times100%$. Substitute $S = 1073.27$ and last - year expenses $= 1935.67$ into the formula: $P=\frac{1073.27}{1935.67}\times 100%$. $P=\frac{107327}{1935.67}% \approx 55.4%$.

Answer:

C. 55.4%