Hello, Can you assist with the below? 3. Determining the Average Price Increase. In 1998, selected...
Hello,
Can you assist with the below?
3. Determining the Average Price Increase. In 1998, selected automobiles had an average cost of $12,000. The average cost of those same motor vehicles 10 years later is $16,000. What was the rate of increase for these items between the two time periods?
Homework Answers
Average cost of automobile (1998) = $ 12000 (Original Number)
Average cost of automobile (2008) = $ 16000 (New Number)
Increase = (New number - Original Number)
= $16000-$12000
= $ 4000
Rate of increase = increase/ original number * 100
= $4000/ $12000*100
= 33.33%
*note: time value of money is ignored
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