Question

Oil prices are projected to increase by 125% by next August. A quart of oil currently costs $1.25. What is the projected cost of a gallon of oil next August? Round your answer to the nearest hundredth.

Answer 1

Answer:$2.81

Explanation:

1.25 is 100% of the price

125% + 100% = 225%

x = price by august

x = 225% (1.25)

225% = 2.25

2.25(1.25) = 2.8125 ≈ $2.81

Another way to see it:

=

225(1.25) / 100 = 2.8125