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

Round to the nearest whole percent.
207% increase
52% increase
161% increase
107% increase

Answer 1

To calculate the percent change in the cost of gas from the year 2000 to the current price, we can use the following formula:

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

In this case, the old value (cost in 2000) is $1.51, and the new value (current cost) is $3.12.

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

2. Now, divide that difference by the old value: \[ \frac{1.61}{1.51} \approx 1.0669 \]

3. Multiply by 100 to get the percent change: \[ 1.0669 \times 100 \approx 106.69 \]

4. Round to the nearest whole percent: \[ \approx 107% \]

So, the percent change is a 107% increase.