In 2000, selected automobiles had an average cost of $23,000. The average cost of those same automobiles is now $37,950. What was the rate of increase for these automobiles between the two time periods?
(37,950 - 23,000) / 23,000 = ?
Multiply the decimal answer by 100 to get the percent.
To calculate the rate of increase, you need to find the difference between the initial and final values, and then divide that difference by the initial value.
In this case, the initial value is $23,000 and the final value is $37,950.
To find the difference, subtract the initial value from the final value: $37,950 - $23,000 = $14,950.
Now, divide the difference by the initial value: $14,950 / $23,000.
To find the rate of increase as a percentage, multiply the result by 100: ($14,950 / $23,000) * 100.
Using a calculator, the rate of increase is approximately 64.78%.