The usual price of a pair of shoes was $50. Tom sold the shoes to Max for $55.25.Find the percentage increase in price.
Question
The usual price of a pair of shoes was 55.25. Find the percentage increase in price.
Solution
To find the percentage increase in price, follow these steps:
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First, find the increase in price by subtracting the original price from the new price. In this case, 50 (original price) = $5.25.
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Next, divide the increase in price by the original price. So, 50 (original price) = 0.105.
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Finally, to convert this number into a percentage, multiply by 100. So, 0.105 x 100 = 10.5%.
Therefore, the percentage increase in price is 10.5%.
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