Question

7. The average price of gas in 2010 was $2.80 and in 2022 it is $4.76, what is the percent increase?

Be sure to use the percent increase formula:

[(original - new) ÷ original] x 100 = percent increase

*
3 points
41%
70%
60%
57%

Answer 1

To calculate the percent increase using the formula you provided, we will plug in the values for 2010 (original price) and 2022 (new price).

1. Original price (2010): $2.80
2. New price (2022): $4.76

Using the percent increase formula:

\[
\text{Percent Increase} = \left( \frac{\text{new} - \text{original}}{\text{original}} \right) \times 100
\]

Plugging in the values:

\[
\text{Percent Increase} = \left( \frac{4.76 - 2.80}{2.80} \right) \times 100
\]

Calculating the difference:

\[
4.76 - 2.80 = 1.96
\]

Now divide by the original price:

\[
\frac{1.96}{2.80} \approx 0.700
\]

Now multiplying by 100 to get the percent:

\[
0.700 \times 100 \approx 70\%
\]

So the percent increase in gas prices from 2010 to 2022 is approximately **70%**.

The answer is **70%**.