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30 April, 07:20

In 2013, 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?

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  1. 30 April, 10:44
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    11%

    Explanation:

    Average cost of automobiles in 2013 = $15,500

    Average cost of automobiles now = $17,205

    Change in average cost = $17,205 - $15,500

    = $1,705

    Rate of increase in cost is the ratio between the increase and the average cost before the increase.

    Rate of increase = ($1,705/$15,500) * 100%

    = 11%

    The rate of increase for these automobiles between the two time periods is 11%.
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