say a certain manufacturing industry has 63.1 thousand jobs in 2008, but is expected to decline at an…

say a certain manufacturing industry has 63.1 thousand jobs in 2008, but is expected to decline at an average annual rate of 1.7 thousand jobs per year from 2008 to 2018. assuming this holds true, what will be this industrys percent change from 2008 to 2018?\na. 70%\nb. -27%\nc. -17%\nd. -75%\nplease select the best answer from the choices provided\no a\no b\no c\no d

say a certain manufacturing industry has 63.1 thousand jobs in 2008, but is expected to decline at an average annual rate of 1.7 thousand jobs per year from 2008 to 2018. assuming this holds true, what will be this industrys percent change from 2008 to 2018?\na. 70%\nb. -27%\nc. -17%\nd. -75%\nplease select the best answer from the choices provided\no a\no b\no c\no d

Answer

Explanation:

Step1: Calculate total job decline

The time - period from 2008 to 2018 is $2018 - 2008=10$ years. The annual decline rate is 1.7 thousand jobs per year. So the total decline in jobs is $1.7\times10 = 17$ thousand jobs.

Step2: Calculate the percent decline

The initial number of jobs in 2008 is 63.1 thousand jobs. The percent - decline formula is $\text{Percent decline}=\frac{\text{Amount of decline}}{\text{Initial amount}}\times100%$. Substitute the values: $\frac{17}{63.1}\times100%\approx27%$. Since it is a decline, the percent change is $- 27%$.

Answer:

B. -27%