The average cost for a gallon of gasoline increased from $2.56 one year to $3.18 the next year. What is the percent of increase, rounded to the nearest whole number?

Question

2775 views around the world

You can reuse this answer
Creative Commons License

Answer 1 · 2016-10-28T00:02:41

The change from $$2.56$ to $$3.18$ is an increase of $24%$ .

To find percent of change, use the formula:

$(present value - old value)/(present value) * 100%$

If the answer is negative, the change was a decrease. If the answer is positive, the change is an increase.

In this case, we obtain

$(3.18 - 2.56)/2.56 * 100%$

$0.62/2.56 * 100%$

$0.2421875 * 100%$
$24.21875%$

Rounding to the nearest whole number and since this result is positive, the percent of change is an increase of $24%$ .