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Question Calculate the percent change in grocery expenditures from March to April. Groceries: 112inMarch,112 in March, 120 in April. Round to nearest whole percent.

Studdy Solution

STEP 1

Assumptions
1. Grocery expenditure for March is 112.00<br/>2.GroceryexpenditureforAprilis112.00<br />2. Grocery expenditure for April is 120.00
3. Percent change is calculated using the formula: Percent Change=(New Value−Old ValueOld Value)×100% \text{Percent Change} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100\%

STEP 2

Identify the old value (March expenditure) and the new value (April expenditure) for the groceries.
Old Value (March expenditure) = 112.00NewValue(Aprilexpenditure)=112.00 New Value (April expenditure) = 120.00

STEP 3

Calculate the change in grocery expenditures from March to April.
Change=New Value−Old Value \text{Change} = \text{New Value} - \text{Old Value}

STEP 4

Substitute the actual expenditures into the change formula.
Change=$120.00−$112.00 \text{Change} = \$120.00 - \$112.00

STEP 5

Calculate the change in grocery expenditures.
Change=$120.00−$112.00=$8.00 \text{Change} = \$120.00 - \$112.00 = \$8.00

STEP 6

Now, calculate the percent change using the formula provided in STEP_1.
Percent Change=(ChangeOld Value)×100% \text{Percent Change} = \left( \frac{\text{Change}}{\text{Old Value}} \right) \times 100\%

STEP 7

Substitute the values of Change and Old Value into the percent change formula.
Percent Change=($8.00$112.00)×100% \text{Percent Change} = \left( \frac{\$8.00}{\$112.00} \right) \times 100\%

STEP 8

Calculate the fraction before multiplying by 100%.
Percent Change=(8112)×100% \text{Percent Change} = \left( \frac{8}{112} \right) \times 100\%

STEP 9

Simplify the fraction.
Percent Change=(114)×100% \text{Percent Change} = \left( \frac{1}{14} \right) \times 100\%

STEP 10

Calculate the decimal equivalent of the fraction.
Percent Change=0.0714285714285714×100% \text{Percent Change} = 0.0714285714285714 \times 100\%

STEP 11

Multiply the decimal by 100 to find the percent change.
Percent Change=0.0714285714285714×100%=7.14285714285714% \text{Percent Change} = 0.0714285714285714 \times 100\% = 7.14285714285714\%

STEP 12

Round the percent change to the nearest whole percent.
Percent Change≈7% \text{Percent Change} \approx 7\%
The percent change in grocery expenditures from March to April is approximately 7%.

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