by what percentage did the actual cost exceed the initial estimate

Question

A library expansion, begun in 2003 was expected to cost $107million. By 2006, library officials estimate the cost would be $41 million over budget. By what percentage did the actual cost exceed the initial estimate?

Answer 1

per cent increase = increase / original

 

per cent increase = 41,000,000 / 107,000,000

41 / 107 ≈ 0.383

 

Per cent increase is 38.3%.