Question

Ivan is a sophomore at Lakewood College. Last year, tuition was $6,700 per semester. This year, he paid $6,767 for each semester. What was the percent of increase in the cost of tuition?​

Answer 1

1%

Explanation:

Percent Increase = [(New Value - Old Value) / Old Value] * 100

In this case:

The old tuition cost (last year) is $6,700.

The new tuition cost (this year) is $6,767.

Plug these values into the formula:

Percent Increase = [($6,767 - $6,700) / $6,700] * 100

Now, calculate the increase in dollars:

Percent Increase = ($67 / $6,700) * 100

To simplify the fraction, divide both the numerator and denominator by 67:

Percent Increase = (1/100) * 100

Now, multiply to get the percentage:

Percent Increase = 1%

So, the cost of tuition increased by 1% from last year to this year.