A certain pair of used shoes can be repaired for $13.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $32.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes?
Choose the correct choice from the following answers:
A) 17.69
B) 14.85
C) 21.3
D) 16.5
E) 18.51
1) Cost of repairing = 13.5 ( for one year ), Therefore for 2 years it would be$ 27.   2) Cost of new pair which will last for 2 years is$ 32.   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 ( 32 - 27 ) / ( 27 ) * 100 = 18.51 %.   Ans is 18.51
<result>E</result>
A certain pair of used shoes can be repaired for $13.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $32.00 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?