A library expansion begun in 2002, was expected to cost $107 million. By 2006 library officials estimated the cost would be $34 million over budget. By what percent did the actual cost exceed the initial estimate?

Question

Mathematics

Conor Thompson

9 November, 10:51

A library expansion begun in 2002, was expected to cost $107 million. By 2006 library officials estimated the cost would be $34 million over budget. By what percent did the actual cost exceed the initial estimate?

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Answers (1)

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Lilia Garcia · Answer 1

This problem is quite easy if you didregard the years. Percent increase is known as

(Final-initial) / (Final)

In this case final would be 107 million + 34 million=141 million. Initial would be 107 million.

(142-107) / 142=37/142 which is around 26%.