The average price of a certain model of piano in 1994 was $18,400. In 2013, the average price of the piano was $23,000. What is the percentage increase in the average price of the piano?
To calculate the percentage increase in the average price of the piano, we first need to find the difference in prices between 2013 and 1994:
Difference = 2013 price - 1994 price
Difference = $23,000 - $18,400
Difference = $4,600
Next, we calculate the percentage increase:
Percentage Increase = (Difference / 1994 price) * 100
Percentage Increase = ($4,600 / $18,400) * 100
Percentage Increase = 0.25 * 100
Percentage Increase = 25%
Therefore, the percentage increase in the average price of the piano from 1994 to 2013 is 25%.