In this question, you'll have to solve for price elasticity of demand using the percent change formula.

When the old price of a food package was $5.45 per package, the old quantity was 788 packages were sold each day. After the price increased to the new price $12.6 per package, sales dropped to a new quantity of 416 packages per day. Using these numbers, what is the price elasticity of demand for food packages? Round your answer to 3 decimal places.