Question

Your apartment's monthly rent was $300 last year. This year it is $350.

What is the rate of inflation, to the nearest tenth of a percent?
O 50.0%
O 16.7%
0 15.4%
O 14.3%

Answer 1

well, if it was 300 and now is 350, it went up by 50 bucks, that's the inflation amount.

if we take 300 to be the 100%, what is 50 bucks off of it in percentage?

`\begin{array}{ccll} amount&\%\\ \cline{1-2} 300 & 100\\ 50& x \end{array} \implies \cfrac{300}{50}=\cfrac{100}{x}\implies 6=\cfrac{100}{x} \\\\\\ 6x=100\implies x=\cfrac{100}{6}\implies x=\cfrac{50}{3}\implies x\approx 16.7`