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

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Round to the nearest whole percent.

A
107% increase

B
161% increase

C
52% increase

D
207% increase

Answer 1

To find the percent change in the cost of gas from the year 2000 to the current average, you can use the following formula:

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

In this case, the Old Value (the cost of gas in 2000) is $1.51, and the New Value (the current cost of gas) is $3.12.

1. Calculate the difference between the new and old values: \[ 3.12 - 1.51 = 1.61 \]

2. Now, divide that difference by the old value: \[ \frac{1.61}{1.51} \approx 1.06556 \]

3. Convert this to a percentage: \[ 1.06556 \times 100 \approx 106.56% \]

4. Rounding to the nearest whole percent gives us: \[ 107% \]

So, the percent change is a 107% increase. Therefore, the answer is:

A. 107% increase