The national average cost for gas in the year 2000 was $1.51 a gallon. Currently, the average for a gallon of gas is $3.12. What is the percent of change?

Question

Percent_change_fdb310ad-4ebf-4c42-b3c3-815d67b8b6bf

Round to the nearest whole percent.

A
161% increase

B
107% increase

C
207% increase

D
52% increase

Answer 1

To calculate the percent change, you can use the formula:

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

In this case:

• New Value (current average gas price) = $3.12
• Old Value (average gas price in the year 2000) = $1.51

Now plug in the values:

\[ \text{Percent Change} = \left( \frac{3.12 - 1.51}{1.51} \right) \times 100 \]

Calculate the difference:

\[ 3.12 - 1.51 = 1.61 \]

Now divide by the Old Value:

\[ \frac{1.61}{1.51} \approx 1.0656 \]

Now multiply by 100 to get the percent:

\[ 1.0656 \times 100 \approx 106.56 \]

Rounding to the nearest whole percent gives you an increase of 107%.

Therefore, the correct answer is:

B 107% increase