3. The price of gold is often reported per ounce. At the end of 2005 , this price was \( \$ 513 \). At the end of 2015 , it was \( \$ 1060 \). By what percentage did the price per ounce of gold increase?

To find the percentage increase in the price per ounce of gold from 2005 to 2015, we can use the formula for percentage increase: \[ \text{Percentage Increase} = \left( \frac{\text{Final Value} - \text{Initial Value}}{\text{Initial Value}} \right) \times 100\% \] Given: - Initial price per ounce of gold in 2005: $513 - Final price per ounce of gold in 2015: $1060 Substitute the values into the formula to calculate the percentage increase. Calculate the value by following steps: - step0: Calculate: \(\frac{\left(1060-513\right)}{513}\times 100\) - step1: Remove the parentheses: \(\frac{1060-513}{513}\times 100\) - step2: Subtract the numbers: \(\frac{547}{513}\times 100\) - step3: Multiply: \(\frac{547\times 100}{513}\) - step4: Multiply: \(\frac{54700}{513}\) The price per ounce of gold increased by approximately 106.63% from 2005 to 2015.