Question

A hospital bill is estimated to be $480.00. It ends up actually costing the patient $524.50. What is the percent of error in the bill? Round to the nearest tenths place.

Answer 1

Answer: 8.484%

Explanation:

The formula for percentage error is calculated as:

= (actual value observed - expected value) / expected value × 100

where,

Actual value observed = $480.00

Expected value = $524.50

Percent error = ($480.00 - $524.50)/$524.50 × 100

= -$44.50/$524.50 × 100

= -0.08484 × 100

= -8.484

= 8.484%