Question

1. the average price of a gallon of gas from 2011 - 2014 is shown in the table below. in 2015, the average price of a gallon dropped 28% from 2014. find the 5 - year average from 2011 - 2015.

Explanation:

Step1: Find the price in 2015

The price in 2014 is \( \$3.40\). The price in 2015 dropped \(28\%\) from 2014. So the price in 2015 is \(3.40\times(1 - 0.28)\).

$$3.40\times(1 - 0.28)=3.40\times0.72 = 2.448$$

Step2: Calculate the 5 - year total price

The total price from 2011 - 2015 is \(3.75+3.80 + 3.62+3.40+2.448\).

$$3.75+3.80+3.62+3.40+2.448=(3.75+3.80)+(3.62+3.40)+2.448=7.55+7.02+2.448=17.018$$

Step3: Calculate the 5 - year average price

The average price is the total price divided by 5. So the average is \(\frac{17.018}{5}\).

$$\frac{17.018}{5}=3.4036$$

Answer:

\(3.40\) (rounded to the nearest cent)