Question
Use the percent change formula to solve the problem. The price of a book was $12 last year. This year, the price of the book increased to $15. What is the percent increase in the price of the book?
Answers
GPT-4o mini
To calculate the percent increase in the price of the book using the percent change formula, you can use the following formula:
\[
\text{Percent Change} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100
\]
In this case, the old value (last year's price) is $12, and the new value (this year's price) is $15.
1. Calculate the change in value:
\[
\text{Change} = \text{New Value} - \text{Old Value} = 15 - 12 = 3
\]
2. Now, apply the percent change formula:
\[
\text{Percent Increase} = \left( \frac{3}{12} \right) \times 100
\]
3. Calculate the fraction:
\[
\frac{3}{12} = 0.25
\]
4. Now multiply by 100 to get the percentage:
\[
0.25 \times 100 = 25
\]
Thus, the percent increase in the price of the book is **25%**.
\[
\text{Percent Change} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100
\]
In this case, the old value (last year's price) is $12, and the new value (this year's price) is $15.
1. Calculate the change in value:
\[
\text{Change} = \text{New Value} - \text{Old Value} = 15 - 12 = 3
\]
2. Now, apply the percent change formula:
\[
\text{Percent Increase} = \left( \frac{3}{12} \right) \times 100
\]
3. Calculate the fraction:
\[
\frac{3}{12} = 0.25
\]
4. Now multiply by 100 to get the percentage:
\[
0.25 \times 100 = 25
\]
Thus, the percent increase in the price of the book is **25%**.