Pete Smith found in his attic a Woody Woodpecker watch in its original box. It had a price tag on it for $4.5. The watch was made in 1945. Pete brought the watch to an antiques dealer and sold it for $37.5. What was the percent of increase in price? Note: Round to the nearest hundredth percent.
Pete Smith found in his attic a Woody Woodpecker watch in its original box. It had a price tag on it for $4.5. The watch was made in 1945. Pete brought the watch to an antiques dealer and sold it for $37.5. What was the percent of increase in price? Note: Round to the nearest hundredth percent.
Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 11DQ
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Question
Pete Smith found in his attic a Woody Woodpecker watch in its original box. It had a price tag on it for $4.5. The watch was made in 1945. Pete brought the watch to an antiques dealer and sold it for $37.5. What was the percent of increase in price?
Note: Round to the nearest hundredth percent.
Expert Solution
Step 1
Solution:
Price tag of watch = $4.50
Sale price of watch now = $37.50
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Would I have to round to 700% since they said the nearest hundredth percent? Or would it still be 733.33%
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