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Problem 1-2 (LO1.1) In 2005, selected automobiles had an average cost of $15,500. The average cost of those same automobiles is now $17,205 What was the rate of increase for these automobiles between the two time periods? (Round your answer to the nearest whole percent.) Rate of increase
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Answer #1

Rate of increase between the two time periods:

Formula: New number - original number*100

original number

new number = 17,205, original number = 15,500

= 17205 - 15500

   15500

= 11%

Rate of increase for the two automobiles is 11%

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