Oil prices are projected to increase by 100% by next june. A quart of oil currently costs $2.45. What is the projected cost of a gallon of oil next june?

Question

asked Sep 7, 2021 12.8k views

2 Answers

Yaroslav Bulatov · Answer 1 · 2021-09-11T18:34:33+0000

Answer:

The projected cost of a gallon of oil by next june is $19.60.

Explanation:

Given:

Oil prices are projected to increase by 100% by next june.

A quart of oil currently costs $2.45.

Now, to find the cost of a gallon of oil next june.

So, to get the projected cost of a quart of oil by next june:

Cost of one quart of oil currently = $2.45.

Rate of oil prices projected to increase by = 100%.

$100\%\ of\ \$2.45+\$2.45\\\\=(100)/(100)* 2.45+2.45\\\\=2.45+2.45\\\\=\$4.90.$

Now, to get the projected cost of a gallon of oil by next june we use conversion factor:

4 quart = 1 gallon.

If, 1 quart oil price = $4.90.

Then, 4 quarts oil price =
$\$4.90* 4$ =
$\$19.60.$

Thus, 1 gallon oil price = $19.60.

Therefore, the projected cost of a gallon of oil by next june is $19.60.