Suppose a dairy farmer's cost of milk production increased by 6.5% from $8.50 per hundred weight last year. What is the new cost?

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Multiple Choice

Suppose a dairy farmer's cost of milk production increased by 6.5% from $8.50 per hundred weight last year. What is the new cost?

Explanation:
A percent increase is applied by multiplying the original cost by 1 plus the increase in decimals. Here, 6.5% becomes 0.065, so the factor is 1.065. Multiply $8.50 by 1.065: 8.50 × 1.065 = 9.0525. Rounding to the nearest cent gives $9.05 per hundredweight. So the new cost is $9.05.

A percent increase is applied by multiplying the original cost by 1 plus the increase in decimals. Here, 6.5% becomes 0.065, so the factor is 1.065. Multiply $8.50 by 1.065: 8.50 × 1.065 = 9.0525. Rounding to the nearest cent gives $9.05 per hundredweight. So the new cost is $9.05.

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