Question
Airfare cost \( \$ 200 \) in 2020. In 2022, it cost \( \$ 259.68 \)
Ask by Henry Adkins. in the United States
Feb 25,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The airfare increased by 29.84% from 2020 to 2022.
Solution
To find the percentage increase in airfare cost from 2020 to 2022, we can use the formula:
\[ \text{Percentage Increase} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100\% \]
Given:
- Old Value (2020) = $200
- New Value (2022) = $259.68
Substitute the values into the formula to find the percentage increase in airfare cost.
Calculate the value by following steps:
- step0: Calculate:
\(\frac{\left(259.68-200\right)}{200}\times 100\)
- step1: Remove the parentheses:
\(\frac{259.68-200}{200}\times 100\)
- step2: Subtract the numbers:
\(\frac{59.68}{200}\times 100\)
- step3: Divide the terms:
\(\frac{373}{1250}\times 100\)
- step4: Reduce the numbers:
\(\frac{373}{25}\times 2\)
- step5: Multiply:
\(\frac{373\times 2}{25}\)
- step6: Multiply:
\(\frac{746}{25}\)
The percentage increase in airfare cost from 2020 to 2022 is 29.84%.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Simplify this solution The Deep Dive
Did you know that airfare prices can significantly fluctuate based on various factors, including fuel prices, demand, and seasonal trends? For example, the increase from $200 in 2020 to $259.68 in 2022 reflects broader economic trends, including inflation and shifts in travel demand as the world adapted post-pandemic. One common mistake when comparing airfare costs over time is not accounting for inflation. It's crucial to adjust for inflation to see if the price increase is proportionate or if it indicates a genuine spike in travel costs. Tools like the Consumer Price Index (CPI) can help provide context for these changes over the years!
