Question

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



Percent_change_4973304d-5398-4e33-8418-12574b07de38

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**.