Question

The cars of the 1900s cost $500. Today a new car costs an average of $28500. What is the percent increase of the cost of an automobile.

Answer 1

The percentage increase of the cost of automobile is 5,600%

Explanation:

Step 1: Determine Initial cost of car

Initial cost is the cost in the 1900s

Initial cost=$500

Step 2: Determine Final cost of car

Final cost=new car costs=$28500

Step 3: Calculate percentage increase in cost

The percentage increase in cost can be expressed as;

Percentage increase=(Final cost-Initial cost/initial cost)×100

Percentage increase=(28,500-500)/500=56×100=5,600%

The percentage increase of the cost of automobile is 5,600%