associated press online provided information from a fiscal analyst stating that during the past 20 years, the average after tax income of the wealthiest 1% of americans had grown from $263,700 to $677,900. what was the percent increase? Round to the nearest percent.
Accepted Solution
A:
Answer:The percent increase is 157%
Explanation:Average after tax income 20 years before: $263,700
Average after tax income after 20 years: $677,900
Increased average after tax income : $677,900-$263,700
=$414,200
Hence, Percent increase = [tex]\frac{Increased amount}{original amount} \times 100[/tex]
=[tex]\frac{414,200}{263,700} \times 100[/tex]
=157.07%
After Rounding off:
=157%
157% is the percent increase