The electricity cost of a business increased from 18,000 one year to 19,000 the next. To the nearest whole percent. What was the rate of increase

(19000-18000)/18000 * 100

The answer was 7% I took 18000x7%=1260

added 18000+1260=19260 round to the nearest whole percent and get 19000

The i need help on the first assignment TMA 1

Cheers

To calculate the rate of increase, we need to find the difference between the two amounts and express it as a percentage of the initial amount.

The difference in electricity cost is obtained by subtracting the initial amount from the final amount:

19,000 - 18,000 = 1,000

Next, we need to calculate the percentage increase.

Divide the difference by the initial amount and multiply by 100 to convert it into a percentage:

(1,000 / 18,000) * 100 ≈ 5.56%

Therefore, the rate of increase in electricity cost, to the nearest whole percent, is approximately 6%.