SOLUTION: The library at a certain university reported that journal prices had increased by 130% over a period of 10 years. The report concluded that this represented a price increase of 13%

Question 1127610: The library at a certain university reported that journal prices had increased by 130% over a period of 10 years. The report concluded that this represented a price increase of 13% each year. If journal prices had indeed increased by 13% each year, what percentage increase would that give over 10 years? (Round your answer as a percentage to the nearest whole number.)
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The library at a certain university reported that journal prices had increased by 130% over a period of 10 years. The report concluded that this represented a price increase of 13% each year.
If journal prices had indeed increased by 13% each year, what percentage increase would that give over 10 years? (Round your answer as a percentage to the nearest whole number.)
Start price:: p
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Price after 10 years:: 1.13^10p = 3.395p
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Percentage Answer to nearest whole number::: 300%
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Cheers,
Stan H.
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