Question

2. In 2010, the cost of a new base model Toyota Prius was $21,000. In 2019, the cost was$24,000.a) Find the percent increase. Percent increase is the increase in price as compared to theoriginal price.b) Find the average increase per year.3.

Answer 1

SOLUTION

In 2010, the cost for the car was $21,000 and in 2019 it was $24,000

The increase in price is

$24,000-21,000=3,000\text{ dollars }$

Percentage increase in price is calculated as

$\frac{i\text{ncrease in price }}{\text{original price }}\times100$

This becomes

$\begin{gathered} \frac{3000\text{ }}{21000\text{ }}\times100 \\ =14.29\text{ percent } \end{gathered}$

Therefore Percent increase is the increase in price is 14.29%

(b) The average increase is calculated as

$\frac{i\text{ncrease in price }}{n\text{umber of years }}$

2010 to 2019 is 9 years. So the average increase is

$\frac{3000\text{ }}{9}=333.33\text{ dollars }$

Therefore, the average increase is $333.33 per year