Question

The average price of a certain model of pickup truck in 1992 was $12,500. In 2013, the average price of the pickup truck was $22,000. What is the percentage increase in the average price of the pickup truck?

Answer 1

depends on whether or not the dealerships are scammers

Explanation:

Answer 2

The average price in 1992 and 2013 was given. It is required to find the percentage increase in the average price over these years.

Recall that the formula for Percentage Increase is:

`\text{percent increase}=\frac{\text{final price-initial price}}{\text{initial price}}*100\%`

Substitute initial price=12500 and final price= 22000 into the formula:

`\begin{gathered} \text{percent increase}=(22000-12500)/(12500)*100\%=(9500)/(12500)*100\%=0.76*100\% \\ \Rightarrow\text{percent increase}=76\% \end{gathered}`

Hence, the percent increase in the average price is 76%.