several years ago, hakim bought some gold at a price of $1,550 per ounce. when he went to sell it, the gold…

several years ago, hakim bought some gold at a price of $1,550 per ounce. when he went to sell it, the gold was worth 62% more than it was when he purchased it. what was the new value of the gold?

several years ago, hakim bought some gold at a price of $1,550 per ounce. when he went to sell it, the gold was worth 62% more than it was when he purchased it. what was the new value of the gold?

Answer

Explanation:

Step1: Calculate the increase amount

The increase is 62% of the original price. So the increase amount is $1550\times0.62$. $1550\times0.62 = 961$

Step2: Calculate the new value

The new value is the original price plus the increase amount. So it is $1550 + 961$. $1550+961=2511$

Answer:

$2511$