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%.