The average television prime-time advertising unit of $30$ seconds cost $\$30,000$ in $1973$ and $\$50,000$ in

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Vincen: Legendary Member; Posts: 2898; Joined: Thu Sep 07, 2017 2:49 pmFollowed by: 5 members; Thanked: 6 times

by Vincen » Tue Oct 06, 2020 7:10 am

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The average television prime-time advertising unit of $30$ seconds cost $\$30,000$ in $1973$ and $\$50,000$ in $1977.$ What was the approximate percent increase in the cost of a unit?

A) $20\%$
B) $33\%$
C) $40\%$
D) $60\%$
E) $67\%$

Answer: E

Source: Princeton Review

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Re: The average television prime-time advertising unit of $30$ seconds cost $\$30,000$ in $1973$ and $\$50,000$

by Scott@TargetTestPrep » Sat Oct 10, 2020 2:30 pm

Vincen wrote: ↑
Tue Oct 06, 2020 7:10 am
The average television prime-time advertising unit of $30$ seconds cost $\$30,000$ in $1973$ and $\$50,000$ in $1977.$ What was the approximate percent increase in the cost of a unit?

A) $20\%$
B) $33\%$
C) $40\%$
D) $60\%$
E) $67\%$

Answer: E

Solution:

We can use the percent change formula:

(New - Old)/Old x 100

(50,000 - 30,000)/30,000 x 100

20,000/30,000 x 100

2/3 x 100

200/3 ≈ 67

Answer: E

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