The average cost of a gallon of gas was increased from $2.80 to $4.48 due to the pandemic. By what percentage was the price of the average gallon of gas increased?
The price was increased by 60%.
To calculate the percentage increase in the price of gas, we can use the formula:
Percentage increase = ((New price - Old price) / Old price) * 100
Plugging in the given values:
New price = $4.48
Old price = $2.80
Percentage increase = ((4.48 - 2.80) / 2.80) * 100
Percentage increase = (1.68 / 2.80) * 100
Percentage increase = 0.6 * 100
Percentage increase = 60
Therefore, the price of the average gallon of gas was increased by 60%.
To calculate the percentage increase in the price of a gallon of gas, you can use the following formula:
Percentage increase = ((new price - old price) / old price) * 100
In this case, the old price of a gallon of gas is $2.80, and the new price is $4.48. Plugging these values into the formula:
Percentage increase = (($4.48 - $2.80) / $2.80) * 100
Now let's calculate it step by step:
Step 1: Calculate the difference between the new and old prices:
$4.48 - $2.80 = $1.68
Step 2: Divide the difference by the old price:
$1.68 / $2.80 = 0.6
Step 3: Multiply the result by 100 to get the percentage:
0.6 * 100 = 60
Therefore, the price of the average gallon of gas increased by 60%.