Question

Say a certain service industry has 78. 9 thousand jobs in 2003, but expects to increase at an average annual rate of 2. 65 thousand jobs yearly from 2003 to 2013. If this holds true, what will be this industry’s percent increase from 2003 to 2013? a. 28% b. 30% c. 33% d. 40% Please select the best answer from the choices provided A B C D.

Answer 1

The percent increase from 2003 to 2013 will be 33%. The percentage is calculated as:

$\rm Percentage\:increase\:in \:industry = \dfrac{Total\:increase \:in \:jobs}{Jobs\:in\:2003}$

What is Percentage?

The percentage can be defined as a ratio or number expressed in a fraction of hundred. It is denoted using a % sign.

The calculation of percentage of increase in the industry will be as follows:

Given:

                                    $\begin{aligned}\rm Jobs\:in \:2003 &= 78,900\\\\\rm Increase \:in \:job \:per\: year &= 2650\\\\\rm Increase\: from \:2003 \:to 2013 &= 2650\: \rm x 10\\\\ &=26500 \end$

The percentage increase therefore will be:

$\begin{aligned} \rm Percentage\:increase\:in \:industry &= \dfrac{Total\:increase \:in \:jobs}{Jobs\:in\:2003}\times 100\\\\\rm Percentage\:increase\:in \:industry &= \dfrac{26,500}{78900}\times100\\\\ &= 33.58\% \end$

The rounded % increase in the industry will be 33%.

Therefore the correct option is c.

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