A certain furniture can be repaired for $15.50 and will last for 1 year. A same kind of furniture can be purchased new for $40.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes? Choose the correct choice:
A) 28.9 B) 31.4 C) 27.8 D) 29.03 E) 30
1) Cost of repairing = 15.5 ( for one year ), Therefore for 2 years it would be$ 31.   2) Cost of new furniture which will last for 2 years is$ 40.   Percentage change formula =( Final value - Initial value ) / ( Initial Value ) * 100. In this case the final value would be the price of new furniture value would be the cost of repairing the old shoe.   I.e ( 40 - 31 ) / ( 31 ) * 100 = 29.03 %.   Ans is 29.03.
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A certain furniture can be repaired for $15.50 and will last for 1 year. A same kind of furniture can be purchased new for $40.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes?