Question

Compute the requested value. Choose the correct answer. If the cost is $58.00 and the selling price is $63.00, then what is the percent of increase? It is %.

Answer 1

%change=100(final-initial)/initial.... in this case:

%change=100(63-58)/58

%change=100(5/58)

%change=500/58

%change=250/29 %

%change≈8.62% (to nearest hundredth of a percent)

Answer 2

The percent increase is:

8.6207%

Explanation:

The cost price of an item is given by:

cost price (CP)= $ 58.00=$ 58

Also, the selling price of an item is given by:

Selling Price( SP)= $ 63.00=$ 63

Now, the percent increase which is also known as the gain percent is calculated as:

`Percent\ increase=(SP-CP)/(CP)* 100`

on substituting the value of the cost price and selling price in the formula we obtain:

`Percent\ Increase=(63-58)/(58)* 100\\\\Percent\ Increase=(5)/(58)* 100\\\\Percent\ Increase=8.6207\%`

Hence, the percent increase is:

8.6207%