Answer:
The percent increase in the average cost of a dozen oranges from October 2020 to October 2021 is approximately 225%.
Explanation:
To find the percent increase in the average cost of a dozen oranges from October 2020 to 2021, we need to first calculate the difference in the average cost and then divide it by the original average cost, and finally multiply by 100 to get the percentage increase.
The difference in the average cost of a dozen oranges between October 2020 and October 2021 is:
$5.59 - $1.72 = $3.87
To calculate the percent increase, we need to divide the difference by the original average cost and multiply by 100:
Percent increase = (difference/original average cost) x 100
Percent increase = ($3.87/$1.72) x 100
Percent increase = 224.41%
Therefore, the percent increase in the average cost of a dozen oranges from October 2020 to October 2021 is approximately 224.41%.
Step by step (for more help understanding):
The problem states that the average cost of a dozen oranges was $1.72 in October 2020 and $5.59 in October 2021. We need to find the percent increase in the average cost from October 2020 to October 2021.
Step 1: Find the difference in the average cost
To find the difference in the average cost, we subtract the original average cost from the new average cost.
$5.59 - $1.72 = $3.87
This means that the average cost of a dozen oranges increased by $3.87 from October 2020 to October 2021.
Step 2: Find the ratio of the difference to the original cost
To find the percentage increase, we need to express the difference as a percentage of the original cost. We do this by dividing the difference by the original cost.
$3.87 / $1.72 = 2.25
This means that the new average cost is 2.25 times the original average cost.
Step 3: Convert the ratio to a percentage
To convert the ratio to a percentage, we multiply it by 100.
2.25 x 100 = 225%
Step 4: Round the percentage to one or two decimal places
Finally, we round the percentage to one or two decimal places, depending on the level of accuracy required.
The percent increase in the average cost of a dozen oranges from October 2020 to October 2021 is approximately 225%.
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