Question

In 1995, the standard bus fare in Chicago was $1.50. In 2008, the standard bus fare was $2.40.Find the percent increase. Round to the nearest tenth of a percent

Answer 1

Given that:

- The standard bus fare was $1.50 in 1995.

- The standard bus fare was $2.40 in 2008.

You need to use the following formula, in order to find the percent increase:

`PercentageIncrease=\frac{Final\text{ }Value-Initial\text{ }Value}{|Initial\text{ }Value|}\cdot100`

In this case, you can identify that:

`\begin{gathered} Final\text{ }Value=2.40 \\ Initial\text{ }Value=1.50 \end{gathered}`

Therefore, substituting values into the formula and evaluating, you get:

`\begin{gathered} PercentageIncrease=(2.40-1.50)/(|1.50|)\cdot100 \\ \\ PercentageIncrease=(0.9)/(1.50)\cdot100 \end{gathered}`
`\begin{gathered} PercentageIncrease=0.6\cdot100 \\ \\ PercentageIncrease=60\text{ \%} \end{gathered}`

Hence, the answer is:

`PercentageIncrease=60\text{ \%}`