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

Question

Be sure to use the percent increase formula:

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

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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%.