Question

lem 1. Home heating oil is sold by the gallon. Last winter, the Romano family used 300 gallons of oil at a price of $2.50 per gallon. If the price increases 6% next year, what will their approximate heating expense be? Round to the nearest dollar.​

Answer 1

The Romano family's approximate heating expense for the next year, with a 6% price increase, will be approximately $795 when rounded to the nearest dollar.

Explanation:

To calculate the Romano family's approximate heating expense for the next year after a 6% increase in the price of home heating oil, you can follow these steps:

1. Calculate the current heating expense:

Current price per gallon = $2.50

Gallons used last winter = 300

Current heating expense = Current price per gallon * Gallons used

Current heating expense = $2.50 * 300 = $750

2. Calculate the price increase:

Price increase = 6% (or 0.06 as a decimal)

3. Calculate the new price per gallon:

New price per gallon = Current price per gallon + (Price increase * Current price per gallon)

New price per gallon = $2.50 + (0.06 * $2.50) = $2.50 + $0.15 = $2.65 per gallon

4. Calculate the approximate heating expense for the next year with the increased price:

Next year's heating expense = New price per gallon * Gallons used

Next year's heating expense = $2.65 * 300 = $795

So, the Romano family's approximate heating expense for the next year, with a 6% price increase, will be approximately $795 when rounded to the nearest dollar.