Question

The price of wheat is currently $2.27 per pound, and it was $1.00 per pound 3 years ago. The price of wheat increased by 30% last year and 40% 2 years ago. Calculate the rate of increase in the price of wheat 3 years ago.

Answer 1

The rate of increase in the price of wheat 3 years ago is 127%.

Step-by-step explanation:

In order to calculate the rate of increase in the price of wheat 3 years ago, we need to calculate the price of wheat at that time. Given that the current price of wheat is $2.27 per pound and it was $1.00 per pound 3 years ago, we can find the rate of increase.

First, we need to calculate the increase in price from 3 years ago to the current price. The increase is $2.27 - $1.00 = $1.27 per pound.

Next, we can calculate the rate of increase by dividing the increase by the original price and multiplying by 100. The rate of increase is ($1.27 / $1.00) * 100 = 127%.