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

Answer 1

To calculate the percent increase, we first need to find the difference between the old rent and the new rent:

$467.50 - $425 = $42.50

Next, we will calculate the percentage increase by dividing the difference by the old rent and multiplying by 100:

($42.50 / $425) x 100 = 10%

Therefore, the percent increase in rent was 10%.