Question

It costs 480 to rent an apartment on the Gold Coast for a weekend. Last year it cost $400 how would you calculate the increase

Answer 1

Answer:

The increase in rent is 20%.

Step-by-step explanation:

Last year rent of an apartment on the Gold Coast for a weekend was $400.

This year it costs $480

Now we calculate the increase of rent

( 480 - 400 ) / 400  = 80 / 400 = 0.20

To convert into percentage we multiply it by 100 = 0.20 × 100 = 20%

The increase in rent is 20%.

Answer 2

You could write a set of equations or use the interest formula, A(t)=P(1+r/n)^nt
where p equals the principal amount, r equals the rate/ percentage of interest, n equals the compounding periods and t equals time