In the year 2000, a very valuable necklace sold at an auction for $7,096,000. In the year
2019, that same necklace sold for $11,818,500. What was the % increase in the value of the
necklace? (Type your answer below as a percent rounded to one decimal place)
Could someone help me out I’m having a hard time. Answer or formula please and thank you so much
% change = (actual change) / (starting value) * 100%
so, for this problem, that is
(11,818,500 - 7,096,000) / 7,096,000 = 0.6655 or 66.55%
Deven purchased a $3500 bond paying 4.5% annual simple interest after graduating
college. It is now 35 years later and he decides to cash in the bond. What is the value
this bond now? Type your answer in the box below. Round your answer to the near dollar?
Would I use that formula for this question as well oobleck?
3500 + 35 (0.045 * 3500)
To calculate the percentage increase in the value of the necklace, you can use the following formula:
Percentage increase = ((new value - old value) / old value) * 100
In this case, the old value is $7,096,000 and the new value is $11,818,500.
Substituting these values into the formula:
Percentage increase = ((11,818,500 - 7,096,000) / 7,096,000) * 100
Calculating the percentage increase:
Percentage increase ≈ (4,722,500 / 7,096,000) * 100
Percentage increase ≈ 0.6653 * 100
Percentage increase ≈ 66.53%
Therefore, the percentage increase in the value of the necklace is approximately 66.5%.