In 2000 the rate for firs class U.S. postage stamp increased to $0.34. This represents a $0.31 increase since 1917. What is the percentage of increase since 1917?
+129607 The price in 1917 must have been: 34 cents - 31 cents = 3 cents........so....the % increase is given by:
([Current cost - Old cost] / Old cost x 100 - 100) % =
( [ 34 - 4]/ 3 x 100 - 100 ) % =
( [ 31/3] x 100 - 100) % = about 933.33% increase
.34 - .31=.03 the cost in 1917
.34/.03 =11.3333..... - 1 =10.3333 x 100 =1033.33% increase since 1917.
CPhill: If you use the method of subtracting the old from the new and dividing by the old, such as you have done, you do not subtract 1 or 100%. You do that only if you use the method I used above.
So, in your calculation: 31/3 X 100=1,033.33%.This is the increase since 1917.
Proof: 933.33/100 +1=10.3333 X 3=31 cents- current price of stamp (your method.)
1,033.33/100 +1 =11.3333 X 3 =34 cets-current price of stamp (my method.)
