The price of a coat in a certain store is $500. If the price of the coat is to be reduced by $150, by what percent is the price of the coat to be reduced?
(A) 10%
(B) 15%
(C) 20%
(D) 25%
(E) 30%
This is a relatively simple percent change problem. We need to divide the change in price by the original amount and then convert the fraction to a percent. The change is 150 and the original price is 500. So,
\(\frac{150}{500} = \frac{3}{10} = 0.3 = 30\%\)
The correct answer is E.