7. The average price of gas in 2010 was $2.80 and in 2022 it is $4.76, what is the percent increase?

Question

Be sure to use the percent increase formula:

[(original - new) ÷ original] x 100 = percent increase

*
3 points
41%
70%
60%
57%

Answer 1

To calculate the percent increase using the formula you provided, we will plug in the values for 2010 (original price) and 2022 (new price).

1. Original price (2010): $2.80
2. New price (2022): $4.76

Using the percent increase formula:

\[ \text{Percent Increase} = \left( \frac{\text{new} - \text{original}}{\text{original}} \right) \times 100 \]

Plugging in the values:

\[ \text{Percent Increase} = \left( \frac{4.76 - 2.80}{2.80} \right) \times 100 \]

Calculating the difference:

\[ 4.76 - 2.80 = 1.96 \]

Now divide by the original price:

\[ \frac{1.96}{2.80} \approx 0.700 \]

Now multiplying by 100 to get the percent:

\[ 0.700 \times 100 \approx 70% \]

So the percent increase in gas prices from 2010 to 2022 is approximately 70%.

The answer is 70%.