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the inflation rate on home heating oil is 12%. if the price of home hea…

Question

the inflation rate on home heating oil is 12%. if the price of home heating oil was $2.25 per gallon, what is the price today?
current price = $?
round to the nearest hundredth.

Explanation:

Step1: Find the increase amount

The inflation rate is 12%, so we first calculate 12% of the original price. 12% as a decimal is 0.12. The original price is $2.25. So the increase amount is $2.25 * 0.12.
$2.25 * 0.12 = 0.27$

Step2: Calculate the current price

Add the increase amount to the original price. The original price is $2.25, and the increase is $0.27. So current price = $2.25 + $0.27.
$2.25 + 0.27 = 2.52$

Answer:

$2.52$