Steel prices were $4.30 per foot and increased by 10%. What is the new price?

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Answer 1 · 2017-08-24T18:38:23

First find #10%# of #$4.30#
to find that
#=4.30/(100%)xx10%#

#=0.43#

#=$4.30 + $0.43#

#=$4.73# is the new price

Answer 2 · 2017-08-24T18:43:35

See a solution process below:

We can write an equation to solve this problem as:

#p_n = p_o + (p_o * i)# Where:

#p_n# is the new price of the product, what we are solving for in this problem.

#P_o# is the old price of the product. $4.30 per foot or #($4.30)/"ft"# in this problem.

#i# is the price increase percent. 10% for this problem. "Percent" or "%" means "out of 100" or "per 100", Therefore 10% can be written as #10/100#.

Substituting and solving for #p_n# gives:

#p_n = ($4.30)/"ft" + (($4.30)/"ft" * 10/100)#

#p_n = ($4.30)/"ft" + ($43.00)/(100"ft")#

#p_n = ($4.30)/"ft" + ($0.43)/"ft"#

#p_n = ($4.73)/"ft"#

The new price is $4.73 per foot.