Question

Ron is planning for the back-to-school rush at his store. Last year he estimated that he would need 168 notebooks, but he sold 200 notebooks. Explain how Ron can find the percent error of his estimate.

Answer 1

The absolute value of actual-theoretical / actual. So the absolute value of (168-200)/168 = .16 or 16% error

Answer 2

Percent error of Ron estimate to sell the values is equals to 16%.

What is percent error?

"Percent error is defined as the ratio of absolute value of the difference of the estimated value from the actual value to the actual value in percentage form."

Formula used

Percent error = $\frac{|Estimated value - actual value|}{actual value} (100\%)$

According to the question,

Estimated value = 168 notebooks

Actual value = 200 notebooks

Substitute the value in the formula to get percent error,

Percent error = $\frac{|168-200|}{200}(100\%)$

                       $= 16\%$

Hence, percent error of Ron estimate is equals to 16%.

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