The average price of a certain model of piano in 1994 was $18,400. In 2013, the average price of the piano was $23,000. What is the percentage increase in the average price of the piano?

Answer 1

To calculate the percentage increase in the average price of the piano, we first need to find the difference in prices between 2013 and 1994:

Difference = 2013 price - 1994 price
Difference = $23,000 - $18,400
Difference = $4,600

Next, we calculate the percentage increase:

Percentage Increase = (Difference / 1994 price) * 100
Percentage Increase = ($4,600 / $18,400) * 100
Percentage Increase = 0.25 * 100
Percentage Increase = 25%

Therefore, the percentage increase in the average price of the piano from 1994 to 2013 is 25%.