word problems with percents

Question

A library expansion, begun in 2002, was expected to cost $109. million. By 2006, library officials estimate the cost would be $38. million over budget. By what percent did the actual cost exceed the initial estimate? What steps to solve?

Answer 1

The increase is $38 million. The percent increase is 38 / 109, 0.0348623853.

 

The percent increase was approximately 3.49%.