Answer:
The percentage increase of the cost of automobile is 5,600%
Step-by-step explanation:
Step 1: Determine Initial cost of car
Initial cost is the cost in the 1900s
Initial cost=$500
Step 2: Determine Final cost of car
Final cost=new car costs=$28500
Step 3: Calculate percentage increase in cost
The percentage increase in cost can be expressed as;
Percentage increase=(Final cost-Initial cost/initial cost)×100
Percentage increase=(28,500-500)/500=56×100=5,600%
The percentage increase of the cost of automobile is 5,600%
