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
111%
B
91%
C
9%
D
10%

Answer 1

To find the percent of increase, you can use the following formula:

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

Here, the old value (initial rent) is $425 and the new value (new rent) is $467.50.

1. Calculate the difference: \[ \text{Difference} = 467.50 - 425 = 42.50 \]

2. Apply the formula for percent increase: \[ \text{Percent Increase} = \left( \frac{42.50}{425} \right) \times 100 \] \[ \text{Percent Increase} = \left( 0.1 \right) \times 100 = 10% \]

Therefore, the percent of increase is 10%.

The correct answer is D) 10%.