Question

The price of gold is often reported per ounce. At the end of 2005, this price was $513. At the end of 2015, it was $1060. By what percentage did the price per ounce of gold increase?

Answer 1

Answer:

106.63%.

Step-by-step explanation:  

We have been given that at the end of 2005, this price was $513. At the end of 2015, it was $1060.

To find the percentage of the price per ounce of gold increase we will use % increase formula.

$\text{Percent Increase}=\frac{\text{Final value-Initial value}}{\text{Initial value}}\times 100$

Let us substitute our given values in above formula.

$\text{Percent Increase}=\frac{1060-513}{513}\times 100$

$\text{Percent Increase}=\frac{547}{513}\times 100$

$\text{Percent Increase}=1.0662768031189084\times 100$

$\text{Percent Increase}=106.62768031189084\approx 106.63$

Therefore, the price of per ounce of gold increased by 106.63%.