A certain pair of used shoes can be repaired for $10.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $30.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes?  Choose the correct choice from the following choices:  A) 42.85  B) 44  C) 48  D) 38  E) 40
1) Cost of repairing = 10.5 ( for one year ), Therefore for 2 years it would be$ 21.   2) Cost of new pair which will last for 2 years is$ 30.00   Percentage change formula =( Final value - Initial value ) / ( Initial Value ) * 100. In this case the final value would be the price of new shoe initial value would be the cost of repairing the old shoe.   I.e (30 - 21 ) / ( 21 ) * 100 = 42.85 %.   42.85ns is 42.85
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A certain pair of used shoes can be repaired for $10.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $30.00 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?