SOLUTION: The price of gasoline has increased by 5% during the past month, if the price per gallon a month ago was a $1.20 what is the current price per gallon now

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Question 6712: The price of gasoline has increased by 5% during the past month, if the price per gallon a month ago was a $1.20 what is the current price per gallon now
Answer by prince_abubu(198) About Me  (Show Source):
You can put this solution on YOUR website!
Use P + Pr = N. P is the initial price, r is the rate of increase, and N is the new price.

1.20 + 1.20*(0.05) = $1.26 <--- your new price after that 5% increase.