Question

In 2018, selected automobiles had an average cost of $18,000. The average cost of those same automobiles is now $28,800. What was the rate of increase for these automobiles between the two time periods?

Answer 1

rate of increase = 60%

Explanation:

in 2018 average cost = $18000

now average cost = $28800

increase = 28800 - 18000 = $10800

rate of increase = 10800 / 18000 * 100

= 60%