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Engineering students at Fairview College last year received an average of $11,940 in scholarships and grants. This year, the average is $5,373. What is the percent decrease in the average amount?

Answer :

Answer:

55.02%

Step-by-step explanation:

Find the decrease:

11940 - 5373 = 6567

Divide by the original amount:

[tex]\dfrac{6567}{11940} \approx 0.55[/tex]

Convert to percentage:

0.55 × 100 = 55.02%

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Rewritten by : Barada

The percentage decrease in the average scholarship amount for engineering students at Fairview College is 55.02%.

Step 1: Identify the given values

Last year's average scholarship = $11,940

This year's average scholarship = $5,373

Step 2: Calculate the decrease in scholarship amount

Decrease = Last year’s amount - This year’s amount

= 11,940 - 5,373

= 6,567

Step 3: Calculate the percentage decrease

Percentage decrease = (Decrease / Last year's amount) × 100

= (6,567 / 11,940) × 100

= 55.02%

Since the exact percentage is 55.02%, proper rounding must be maintained to avoid errors. This substantial decline in scholarship amounts could significantly impact students, requiring additional financial planning. The calculation confirms that the reduction is over half of the previous year’s amount.