The mean ticket price this year was 75 The previous year the

The mean ticket price this year was $75. The previous year the mean ticket price was $72.20. What was the percentage increase in the mean ticket price for the one-year period? Round your answer to two decimal places

Solution

Mean ticket price this year was $75.

The previous year the mean ticket price was $72.20.

Percentage increase in the mean ticket price = (Mean ticket price for this year - Mean ticket price for previous year) / Mean ticket price for previous year * 100

Percentage increase in the mean ticket price = (75 - 72.20) / 72.20 * 100

Percentage increase in the mean ticket price = 2.8 / 72.20 * 100

Percentage increase in the mean ticket price = 0.03878 * 100

Percentage increase in the mean ticket price = 3.88%

The percentage increase in the mean ticket price for the one-year period is 3.88%.