Question

At the end of 2005, this price was `\$513.` At the end of 2015, it was `\$1060.` By what percentage did the price per ounce of gold increase?

Answer 1

Answer: The price per ounce of gold increases by 106.63%.

Step-by-step explanation:

Given: Price in 2005 = $ 513

Price in 2015 - $ 1060

Now , $\text{Percentage increase in price}=\dfrac{\text{Change in price}}{\text{ Initial price}}\times100$

$\Rightarrow\ \text{Percentage increase in price}=\dfrac{1060-513}{513}\times100\\\\=\dfrac{547}{513}\times100\\\\= 1.0663\times100\%=106.63\%$

hence, the price per ounce of gold increases by 106.63%.