Question

14) The price of gold is often reported per ounce. At the end of 2005 the price was $513. At the end of 2015, it was $1060. By what percentage did the price per ounce of gold increase?

Answer 1

The price per ounce of gold increased by approximately 106.63% from the end of 2005 ($513) to the end of 2015 ($1060).

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 use the formula for percentage increase:

1. Calculate the difference (increase) in price: $1060 - $513 = $547.
2. Divide the increase by the initial (2005) price: $547 / $513 ≈ 1.0663.
3. Multiply the result by 100 to get the percentage: 1.0663 × 100 ≈ 106.63%.

Therefore, the price per ounce of gold increased by approximately 106.63% from the end of 2005 to the end of 2015.