Question

A library expansion, begun in 2002, was expected to cost $103 million. By 2006, library officials estimate the cost would be $39 million over budget. By what percent did the actual cost exceed the initial estimate? Please show the work so I can figure out how to do the question.

Answer 1

initial estimate in 2002 = 103M

Actual cost in 2006 = 142M (103M + 39M)

% over budget = 39/103 = 37.86%