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As long as your sppedometer and odometer were accurate before, then yes....the calculation will be off by the same percentage.
Another way I have seen people work with the tire size change (other than changing the speedo gear in the tranny of course) is to use a GPS to figure how far off they are at a given speed on the speedo (say 60MPH for ease of calcuations) and figure the % from there....
Jim
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