Correct Answer: E
Explanation:
This is a percentage problem, so it is important to know that 40% of some value is equal to 0.4 of said value. So to find 40% of $40, we multiply 40 * 0.40, which equals 16. This 16 represents 40% of the original value of $40. So if a student was to spend 40% less than they usually spend, we would subtract $16, which is 40% of the original value, from $40, giving us an answer of $24.