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In 2021, gas prices averaged [tex]$2.78[/tex] per gallon. In 2022, they averaged [tex]$4.11[/tex] per gallon. What is the percent change in gas prices?

Answer :

To find the percent change in gas prices from 2021 to 2022, here's how you can approach it:

1. Identify the Initial and Final Values:
- The initial price in 2021 was [tex]$2.78 per gallon.
- The final price in 2022 was $[/tex]4.11 per gallon.

2. Calculate the Change in Price:
- Subtract the initial price in 2021 from the final price in 2022 to find the change in price:
[tex]\[
\text{Change} = 4.11 - 2.78 = 1.33
\][/tex]

3. Calculate the Percent Change:
- Use the formula for percent change:
[tex]\[
\text{Percent Change} = \left(\frac{\text{Change}}{\text{Initial Price}}\right) \times 100
\][/tex]
- Substitute the values into the formula:
[tex]\[
\text{Percent Change} = \left(\frac{1.33}{2.78}\right) \times 100
\][/tex]
- Calculate the result:
[tex]\[
\text{Percent Change} \approx 47.84\%
\][/tex]

Therefore, the percent increase in gas prices from 2021 to 2022 is approximately 47.84%.

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