Between January 2008 and August 2008, the price of gasoline rose from 28.40 to 52.90 per liter. What is the percent of increase over the 8 month period?

Question

97.5%
86.27%
46.81%
24.5%

Answer 1

To calculate the percent increase over the 8-month period, you can use the formula:

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

Here, the old price is 28.40 and the new price is 52.90.

1. Calculate the difference in prices:

\[ \text{Difference} = 52.90 - 28.40 = 24.50 \]

2. Calculate the percent increase:

\[ \text{Percent Increase} = \left( \frac{24.50}{28.40} \right) \times 100 \]

\[ \text{Percent Increase} = \left( 0.86338 \right) \times 100 \approx 86.34% \]

The closest answer from the given options is 86.27%.