In 2013, selected automobiles had an average cost of $19,000. The average cost of those same automobiles is now $34,200. What was the rate of increase for these automobiles between the two time periods? (Enter your answer as a percent rounded to the nearest whole number.)

The correct answer is 80%

Explanation:

To resolve this question we going to use this formula:

Rate of increase = ((Ending value - Beginning value) : Beginning value) x 100

= (($34,200 - $19,000) : $19,000) x 100

= ($15,200 : $19,000) x 100

= 0.8 x 100

= 80%

80% is the rate of increase for these automobiles between the two periods.