Question

Oil prices are projected to increase by 125% by next August. A quart of oil currently costs $1.25. What is the projected cost of a gallon of oil next August? Round your answer to the nearest hundredth.

Answer 1

Answer:

$2.81

Step-by-step explanation:

1.25 is 100% of the price

125% + 100% = 225%

x = price by august

x = 225% (1.25)

225% = 2.25

2.25(1.25) = 2.8125 ≈ $2.81

Another way to see it:

$\frac{1.25}{x}$ = $\frac{100}{225}$

225(1.25) / 100 = 2.8125

Answer 2

Answer:

$11.10 per gallon.

There are 4 quarts in a gallon so the cost of a gallon of oil currently is 1.85×4=$7.40

If the gallon price of oil goes up 50% then our answer is: 7.40×==11.1

The price of oil in March will be $11.10 per gallon