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in 2006, selected automobiles had an average cost of $16,000. The average cost of those same automobiles is now $28,000. What was the rate of increase for these automobiles between the two time periods?

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The  rate of increase for these automobiles between the two time periods is 75 percent.

Below is the solution:

($28,000 – $16,000) / $16,000 = .75 (75 percent)

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