Answer
a) 98 percent less
b) .17 meters
Work Step by Step
a) We know the following equation:
$\Delta P = .5(v_1)^2(\rho)((\frac{A_1}{A_2})^2-1)$
Thus, we see that pressure varies by:
$\Delta P = |((\frac{.04}{.0015})^2-1)|$
$ \Delta P = .98 = \fbox{98%}$
b) The lowest possible height would be as the flow speed approaches 0, so we plug in 0 for $v_1$ and solve:
$\Delta h_{possible}=\frac{p_{boy}}{\rho g}$
Plugging in the known values, we find:
$h_{possible}\approx .17 \ m$