We appreciate your visit to According to eia gov dnav in March 2000 the average US gas price was 1 56 per gallon In March 2022 the average gas price. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
a) The percent change is approximately 176.9%
b) Erik's answer of $2.76 represents the absolute change in the price of gas, not the percent change.
To calculate the percent change, you need to use the following formula:
Percent Change = New Price − Old Price × 100
Let's calculate it step-by-step:
Old Price (March 2000): $1.56 per gallon
New Price (March 2022): $4.32 per gallon
Calculate the absolute change in price:
Absolute Change = New Price - Old Price
Absolute Change = 4.32 - 1.56 = 2.76
Calculate the percent change:
Percent Change = 1.769 x 100 ≈ 176.9%
So, the percent change is approximately 176.9%, which shows the price increased by that percentage from March 2000 to March 2022.
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