The rent in an apartment building was increased from $425 to $467.50. What was the percent of increase?

Question

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A
9%
B
111%
C
91%
D
10%

Answer 1

To calculate the percent increase in rent, you can use the formula:

\[ \text{Percent Increase} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100 \]

In this case:

• Old Value = $425
• New Value = $467.50

Now, substitute the values into the formula:

\[ \text{Percent Increase} = \left( \frac{467.50 - 425}{425} \right) \times 100 \] \[ = \left( \frac{42.50}{425} \right) \times 100 \] \[ = 0.1 \times 100 = 10% \]

Thus, the percent increase in rent is 10%. The correct answer is D.