in 2020, selected automobiles had an average cost of $19,000. the average cost of those same automobiles is…

in 2020, selected automobiles had an average cost of $19,000. the average cost of those same automobiles is now $34,200. what was the rate of increase for these automobiles between the two time periods? note: enter your answer as a percentage.

in 2020, selected automobiles had an average cost of $19,000. the average cost of those same automobiles is now $34,200. what was the rate of increase for these automobiles between the two time periods? note: enter your answer as a percentage.

Answer

Explanation:

Step1: Find the amount of increase

The formula for the amount of increase is New Value - Original Value. So, $34200 - 19000=15200$.

Step2: Calculate the rate of increase

The formula for the rate of increase is $\frac{\text{Amount of Increase}}{\text{Original Value}}\times100%$. Substitute the values: $\frac{15200}{19000}\times 100%$. First, $\frac{15200}{19000}=0.8$. Then, $0.8\times100% = 80%$.

Answer:

80%