Question

Steel prices were $4.30 per foot and increased by 10%. What is the new price?

Answer 1

First find `10%` of `$4.30`
to find that
`=4.30/(100%)xx10%`

`=0.43`

`=$4.30 + $0.43`

`=$4.73` is the new price

Answer 2

See a solution process below:

Explanation:

We can write an equation to solve this problem as:

`p_n = p_o + (p_o * i)` Where:

`p_n` is the new price of the product, what we are solving for in this problem.

`P_o` is the old price of the product. $4.30 per foot or `($4.30)/"ft"` in this problem.

`i` is the price increase percent. 10% for this problem. "Percent" or "%" means "out of 100" or "per 100", Therefore 10% can be written as `10/100`.

Substituting and solving for `p_n` gives:

`p_n = ($4.30)/"ft" + (($4.30)/"ft" * 10/100)`

`p_n = ($4.30)/"ft" + ($43.00)/(100"ft")`

`p_n = ($4.30)/"ft" + ($0.43)/"ft"`

`p_n = ($4.73)/"ft"`

The new price is $4.73 per foot.