Question

In 2013, selected automobiles had an average cost of $19,000. The average cost of those same automobiles is now $34,200. What was the rate of increase for these automobiles between the two time periods? (Enter your answer as a percent rounded to the nearest whole number.)

Answer 1

The correct answer is 80%

Step-by-step explanation:

To resolve this question we going to use this formula:

Rate of increase = ((Ending value − Beginning value) ÷ Beginning value ) x 100

= (($34,200 − $19,000) ÷ $19,000 ) x 100

= ($15,200 ÷ $19,000) x 100

= 0.8 x 100

= 80%

80% is the rate of increase for these automobiles between the two periods.