Question

Supplies for last year cost $1,477, which was $177 over budget. Rounded to the nearest 1%, by what percent did the cost exceed the budgeted cost?

Answer 1

so the cost was 1477, which is 177 over the budget, meaning the budget is 1477 - 177 or just 1300.

now, if we take 1300 to be the 100%, how much in percentage is 177, the overflown amount?

$\bf \begin{array}{ccll} amount&\%\\ \cline{1-2} 1300&100\\ 177&p \end{array}\implies \cfrac{1300}{177}=\cfrac{100}{p}\implies 1300p=17700\implies p=\cfrac{17700}{1300} \\\\\\ p=\cfrac{177}{13}\implies p\approx 13.62\implies \stackrel{\textit{rounded up}}{p=14}$

Answer 2

Answer:

The cost exceeded the budgeted cost by 14%

Step-by-step explanation:

Supplies for last year cost $1,477, which was $177 over budget. So, the budgeted cost was:  $(\ 1477-\ 177)=\ 1300$

Suppose, the cost of supplies exceeded the budgeted cost by  $x\%$

So, the amount of exceeded cost $=1300\times x\%=1300\times \frac{x}{100}= 13x$ dollar.

Thus, the equation will be......

$13x=177\\ \\ x=\frac{177}{13}=13.615... \approx 14$

(Rounded to the nearest 1%)

So, the cost exceeded the budgeted cost by 14%