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in 1998, the construction cost of each room for godvin inn was $150,000. after fifteen years, the management of the hotel wishes to have improvements in all of the rooms to catch the recent trends. the total cost of the project is estimated as $10 million for 50 rooms in 2013. based on the information given, calculate the percentage in price of each room from 1998 to 2012? group of answer choices 30.33% 33.33% 45.00% 50.50%

Sagot :

aamirmajeed5100

33.33% is the percentage in the price of each room from 1998 to 2012.

Calculation

From the data given in the question:

Total Renovation cost in 2012=$10 million

Total rooms= 50

construction cost in 1998=$150,000

The percentage of the price of each room is calculated by the following formula.

=(Renovation cost of each room in 2012-construction cost in 1998) ÷ (construction cost in 1998)

=($10 million ÷ 50 rooms - $150,000) ÷ ($150,000)

=($2,00,000 - $150,000) ÷ ($150,000)

=($50,000) ÷ ($150,000)

=33.33%

Hence, the correct option is b .33.33%

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