The price of a flat increases from £118699 to £132942.88Find the percentage increase.

1. ### Break Down the Problem

To find the percentage increase, we need to determine two key values:

• The initial price of the flat
• The new price of the flat Then, we can apply the formula for percentage increase.

2. ### Relevant Concepts

The formula for percentage increase is: $\text{Percentage Increase} = \left( \frac{\text{New Price} - \text{Old Price}}{\text{Old Price}} \right) \times 100$

3. ### Analysis and Detail

1. Identify the Old and New Prices:

   • Old Price = £118699
   • New Price = £132942.88

2. Calculate the Increase in Price: $\text{Increase} = \text{New Price} - \text{Old Price} = 132942.88 - 118699 = 14243.88$

3. Apply the Percentage Increase Formula: $\text{Percentage Increase} = \left( \frac{14243.88}{118699} \right) \times 100$

4. ### Verify and Summarize

Now, we will compute: $\frac{14243.88}{118699} \approx 0.11999$ and multiply by 100 to convert to a percentage: $0.11999 \times 100 \approx 11.999$

Final Answer

The percentage increase in the price of the flat is approximately 12%.