Maurice has been recording the price of fuel at a local gas station throughout the week. His data is shown below.
Day Price
(per gallon)
Monday $2.71
Tuesday $2.77
Wednesday $2.86
Thursday $2.80
Friday $2.75
To the nearest percent, what is the percent change in the gas price from Wednesday to Friday?
(2.75-2.86)/2.86 = ?
(2.75-2.86)/2.86=
(-0.11)/2.86= -0.0384
-4% is nearest percent of change.
To calculate the percent change, we need to find the difference between the initial price and the final price, and then divide that difference by the initial price. Here's how you can do it step by step:
1. Find the initial price: In this case, the initial price is the price on Wednesday, which is $2.86.
2. Find the final price: The final price is the price on Friday, which is $2.75.
3. Calculate the difference: Subtract the initial price from the final price: $2.75 - $2.86 = -$0.11
Note: The negative sign indicates a decrease in price.
4. Calculate the percent change: Divide the difference by the initial price and multiply by 100 to get the percent: (-$0.11 / $2.86) x 100 ≈ -3.85%
So, the percent change in the gas price from Wednesday to Friday is approximately -3.85%. This means there was a decrease of about 3.85% in the price of gas during that period.