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

Question

9%
10%
111%
91%

Answer 1

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

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

In this case, the old value is $425 and the new value is $467.50.

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

2. Divide the difference by the old value: \[ \frac{42.50}{425} \approx 0.1 \]

3. Convert to a percentage: \[ 0.1 \times 100% = 10% \]

Therefore, the percent of increase is 10%.