Suppose the local university charges $85 per credit hour.If tuition increases from $85 to $93 per credit hour,using the midpoint method,what is the percentage change in price?
A) 8.99 percent
B) 8.00 percent
C) 9.41 percent
D) 8.62 percent
E) 9.12 percent

Question

Quizplus · Accepted Answer

The midpoint method is used to calculate the percentage change in price when the price changes from one value to another. The formula for the midpoint method is:Percentage change = (New price - Old price) / ((New price + Old price) / 2) * 100In this case, the old price is $85 and the new price is $93. Plugging these values into the formula, we get:Percentage change = (93 - 85) / ((93 + 85) / 2) * 100= 8 / (178 / 2) * 100= 8 / 89 * 100= 0.0899 * 100= 8.99%Therefore, the percentage change in price is 8.99%.

Suppose the Local University Charges $85 Per Credit Hour