Associated press Online provided information from a fiscal analyst stating that during the past 20 years, the average after-tax income of the wealthiest 1% of Americans had grown from $263,700 to $677,900. What is the percent increase? Round to the nearest percent.
Amount of change over the original to find %.
To find the percent increase in the average after-tax income of the wealthiest 1% of Americans over the past 20 years, we can use the following formula:
Percent Increase = ([New Value - Old Value] / Old Value) * 100
Given that the old value (20 years ago) was $263,700 and the new value is $677,900, we can substitute these values into the formula:
Percent Increase = ([677,900 - 263,700] / 263,700) * 100
Simplifying the equation:
Percent Increase = (414,200 / 263,700) * 100
Dividing and multiplying:
Percent Increase = 1.57074532 * 100
Rounding to the nearest percent:
Percent Increase ≈ 157%
Therefore, the percent increase in the average after-tax income of the wealthiest 1% of Americans over the past 20 years is approximately 157%.