6. In May, the price of a gallon of gasoline was $4.00. In June, the price went up to $4.20. Which of the following is the percent of increase in the cost of gasoline from May to June?
Answer: A
The percent of increase in the cost of gasoline from May to June is 5.00%.
To calculate the percent increase, we use the formula: [(New Price - Old Price) / Old Price] x 100. Substituting the values, we have [(4.20 - 4.00) / 4.00] x 100, which equals 5.00%.
A) 5.00%
This option is correct because it accurately represents the calculated percent increase in gasoline prices from May to June. The calculation confirms that the increase from $4.00 to $4.20 results in a 5.00% rise.
B) 0.50%
This option is incorrect as it significantly underestimates the percent increase. A 0.50% increase would imply a change of only $0.02, which does not reflect the actual increase of $0.20 from May to June.
C) 0.48%
This option is also incorrect because it miscalculates the increase. A 0.48% increase would suggest a very minimal change, which does not align with the actual increase of $0.20 in the gasoline price.
D) 4.80%
This option is incorrect as well. While it is closer to the correct answer, it still does not accurately represent the percent increase calculated. The precise increase of 5.00% reflects the actual change in price.
Conclusion
The correct answer of 5.00% accurately describes the increase in gasoline prices between May and June, demonstrating a clear understanding of the percent increase calculation. All other options fail to represent the true change, either significantly underestimating or miscalculating the increase based on the provided price data.