The rent in an apartment building was increased from $425 to $467.50. What was the percent of increase?
Percent of Change =
A
91%
B
10%
C
9%
D
111%
To find the percent increase, we need to calculate the difference between the new rent and the old rent, and then divide that difference by the old rent. Finally, we multiply that result by 100 to express it as a percentage.
Difference = New Rent - Old Rent = $467.50 - $425 = $42.50
Percent Increase = (Difference / Old Rent) * 100 = ($42.50 / $425) * 100 ≈ 0.1 * 100 = 10%
Therefore, the percent increase is 10%.
So the correct answer is (B) 10%.