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Last year Jo paid £245 for her car insurance - Edexcel - GCSE Maths - Question 3 - 2018 - Paper 3

Question 3

Last year Jo paid £245 for her car insurance. This year she has to pay £833 for her car insurance. Work out the percentage increase in the cost of her car insurance... show full transcript

Worked Solution & Example Answer:Last year Jo paid £245 for her car insurance - Edexcel - GCSE Maths - Question 3 - 2018 - Paper 3

Step 1

Calculate the increase in cost

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Answer

To find the increase in cost, we subtract last year's cost from this year's cost:

$ext{Increase} = ext{Current Cost} - ext{Previous Cost} = £833 - £245 = £588$

Step 2

Calculate the percentage increase

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Answer

Next, to calculate the percentage increase, we use the formula:

$ext{Percentage Increase} = rac{ ext{Increase}}{ ext{Previous Cost}} imes 100$

Substituting the values we calculated:

= 240.8163265... \\ ext{Rounding this, we find that the percentage increase is approximately } 240.8\%$$

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