Question

At the end of 2005, this price was `\$513.` At the end of 2015, it was `\$1060.` By what percentage did the price per ounce of gold increase?

Answer 1

Answer: The price per ounce of gold increases by 106.63%.

Explanation:

Given: Price in 2005 = $ 513

Price in 2015 - $ 1060

Now ,
`\text{Percentage increase in price}=\frac{\text{Change in price}}{\text{ Initial price}}*100`

`\Rightarrow\ \text{Percentage increase in price}=(1060-513)/(513)*100\\\\=(547)/(513)*100\\\\= 1.0663*100\%=106.63\%`

hence, the price per ounce of gold increases by 106.63%.