Question

A market research agency needs to constantly improve its digital communications to keep up with the competition. In 2017 it spent £250 000 on digital communication. In 2018 it spent £525 000. The agency’s percentage increase in spending on digital communications from 2017 to 2018 was approximately equal to:

1) 210% 2) 48% 3) 52% 4) 110%

Answer 1

Answer: 4) 110%

Step-by-step explanation:

Percentage increase = (Amount spent in 2018 - Amount spent in 2017) / Amount spent in 2017

= (525,000 - 250,000) / 250,000

= 275,000/250,000

= 110%