Questions: Several years ago, Helen bought some gold valued 1,550 per ounce. When she went to sell it, it was worth 2,847.60 per ounce. What was the percent of increase in the value of the gold? Round your answer to the nearest tenth of a percent.

Solution Steps

The initial value of the gold was \$1,550 per ounce, and the final value was \$2,847.60 per ounce.

To find the increase in value, subtract the initial value from the final value:

\[ \text{Increase} = 2,847.60 - 1,550 = 1,297.60 \]

The percent increase is calculated by dividing the increase by the initial value and then multiplying by 100 to convert it to a percentage:

\[ \text{Percent Increase} = \left(\frac{1,297.60}{1,550}\right) \times 100 \]

Calculate the percent increase:

\[ \text{Percent Increase} = \left(\frac{1,297.60}{1,550}\right) \times 100 \approx 83.6871 \]

Round the result to the nearest tenth of a percent:

\[ \text{Percent Increase} \approx 83.7\% \]

Final Answer