Consider the following information about the price and the price index of a popular book over three years. Which of the following is the correct statement?
A) The price of the book increased by 3.11% between 2010 and 2011.
B) If 2011 was the base year, the price index for the book in 2009 would have been 90.
C) Between 2009 and 2011, the price of the book went up by 11.11%.
D) If 2010 was the base year, the price index in 2009 would have been 99.28.

Question

Consider the following information about the price and the price index of a popular book over three years.  Which of the following is the correct statement?
A) The price of the book increased by 3.11% between 2010 and 2011. 
B) If 2011 was the base year, the price index for the book in 2009 would have been 90. 
C) Between 2009 and 2011, the price of the book went up by 11.11%. 
D) If 2010 was the base year, the price index in 2009 would have been 99.28.

Quizplus · Accepted Answer

To find the percentage change in price between two years, we use the formula:
((new price - old price) / old price) x 100%
Using this formula, the percentage change in price between 2009 and 2011 is:
((11.99 - 10.80) / 10.80) x 100% = 11.11%
Therefore, statement C is correct. 
Statements A, B, and D are incorrect because they either use incorrect numbers or incorrect calculations.

Consider the Following Information About the Price and the Price