Question

A software company is raising the prices on all of its products to increase revenue. For each price change described below, do the following: _____
State the percent change in the price.
State the number we can multiply the original price by to determine the new price.
Determine the new price (in dollars).

Answer 1

Answer:

%increase=increase+original number×100

Answer 2

Percent change, multiplying factor and new price are 5%, 1.05, $304.5 respectively.

Incomplete information;

Original price of software = $290

Increase rate = 5%

Find:

• Percent change in the price
• Multiplying factor  
• New price of software

Computation:

Percent change in the price  = Increase rate

Percent change in the price  = 5%

New price of software = 290 + [290 × 5%]

New price of software = 290(1 + 5%)  

New price of software = 290(1+0.05)

New price of software = 290 × 1.05

So, multiplying factor = 1.05

New price of software = 290 × 1.05

New price of software = $304.5

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