A certain pair of used shoes can be repaired for $11.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $28.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes? Choose the correct choice.
A) 20.8	B) 21.46	C) 21.74	D) 22.3	E) 21.4
1) Cost of repairing = 11.5 ( for one year ), Therefore for 2 years it would be$ 23.   2) Cost of new pair which will last for 2 years is$ 28.   Percentage change formula =( Final value - Initial value ) / ( Initial Value ) * 100. In this case the final value would be the price of new shoeinitial value would be the cost of repairing the old shoe.   I.e ( 28 - 23 ) / ( 23 ) * 100 = 21.74 %.   Ans is 21.74
<result>C</result>
A certain pair of used shoes can be repaired for $11.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $28.00 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?