The average cost for a gallon of gasoline increased from $2.56 one year to $3.18 the next year. What is the percent of increase, rounded to the nearest whole number?

1 Answer
Oct 28, 2016

Answer:

The change from #$2.56# to #$3.18# is an increase of #24%#.

Explanation:

To find percent of change, use the formula:

#(present value - old value)/(present value) * 100%#

If the answer is negative, the change was a decrease. If the answer is positive, the change is an increase.

In this case, we obtain

#(3.18 - 2.56)/2.56 * 100%#

#0.62/2.56 * 100%#

#0.2421875 * 100%#
#24.21875%#

Rounding to the nearest whole number and since this result is positive, the percent of change is an increase of #24%#.