-8.5% is the change from 588 to 538
Calculation steps:
[( 538 - 588 ) ÷ 588] x 100 = -8.5%
Formula
Percentage change = [(538 - 588) / 588] x 100
Subtract the new number by the original number
538 - 588 = -50
-50 ÷ 588 = -0.08503401360544217
-0.08503401360544217 x 100 = -8.5%