To calculate the percent error, we need to find the absolute difference between the expected price and the final cost, divide it by the expected price, and then multiply by 100.
The absolute difference between the expected price and the final cost is calculated as:
Absolute Difference = |Expected Price - Final Cost|
Absolute Difference = |$25,500 - $21,800|
Absolute Difference = $3,700
To find the percent error, we divide the absolute difference by the expected price and multiply by 100:
Percent Error = (Absolute Difference / Expected Price) * 100
Percent Error = ($3,700 / $25,500) * 100
Percent Error ≈ 14.51%
Therefore, the percent error is approximately 14.51%.