Question

A shortage of gold causes the price of gold wire to increase by 140%. If 10 feet of gold wire previously cost $50, what is the new cost of gold wire?

Answer 1

The increase in price is 140% of the original price.
The original price was 100% of the original price since 100% is a whole quantity.
Now the new price is 140% more than it was, so the new price is
100% + 140% of the old price.
100% + 140% = 240%

Now we find 240% of $50.
To find a percent of a number, multiply the percent by the number.

240% of $50 =
= 240% * $50
= 2.4 * $50
= $120

Answer: 10 ft of gold wire now costs $120
Gold wire now costs $12 per foot.