Question

The price of gold is often reported per ounce. At the end of 2005, this price was $Q3. At the end of 2015, it was $1,060. By what percentage did the price per ounce of gold increase?

A) 15%
B) 20%
C) 25%
D) 30%

Answer 1

The price per ounce of gold increased by approximately 253.33% from the end of 2005 to the end of 2015.

Step-by-step explanation:

To calculate the percentage increase in the price per ounce of gold from the end of 2005 to the end of 2015, we'll use the formula:

Percentage Increase = ((New Value - Old Value) / Old Value) * 100

By substituting the given values in the formula, we have:

Percentage Increase = ((1060 - 300) / 300) * 100 = 253.33%

Therefore, the price per ounce of gold increased by approximately 253.33%.