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QuestionFind the percentage increase in the average cost of automobiles from \16,000to$18,720.Rateofincrease16,000 to \$18,720. Rate of increase \quad+\quad \%$

Studdy Solution

STEP 1

Assumptions1. The initial average cost of the automobiles in2019 was 16,000.Thecurrentaveragecostofthesameautomobilesis16,000. The current average cost of the same automobiles is 18,7203. We are asked to find the rate of increase, which is the percentage change from the initial cost to the current cost

STEP 2

First, we need to find the difference between the current cost and the initial cost. This can be done by subtracting the initial cost from the current cost.
Difference=Current cost−Initial costDifference = Current\, cost - Initial\, cost

STEP 3

Now, plug in the given values for the current cost and initial cost to calculate the difference.
Difference=$18,720−$16,000Difference = \$18,720 - \$16,000

STEP 4

Calculate the difference.
Difference=$18,720−$16,000=$2,720Difference = \$18,720 - \$16,000 = \$2,720

STEP 5

Now that we have the difference, we can find the rate of increase. The rate of increase is the difference divided by the initial cost, and then multiplied by100 to convert it to a percentage.
Rate of increase=DifferenceInitial cost×100%Rate\, of\, increase = \frac{Difference}{Initial\, cost} \times100\%

STEP 6

Plug in the values for the difference and the initial cost to calculate the rate of increase.
Rate of increase=$2,720$16,000×100%Rate\, of\, increase = \frac{\$2,720}{\$16,000} \times100\%

STEP 7

Calculate the rate of increase.
Rate of increase=$2,720$16,000×100%=17%Rate\, of\, increase = \frac{\$2,720}{\$16,000} \times100\% =17\%The rate of increase for these automobiles between the two time periods is17%.

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