Chapter 6, Problem 1RE

To determine

The percent of the total cost is the cost of the lot and round to the nearest tenth.

Answer to Problem 1RE

The percent of the total cost is the cost of the lot is $\underset{\_}{12.9\%}$.

Explanation of Solution

Procedure used:

“To read a circle, bar, or line graph:

1. Examine the title of the graph to find out what information is shown.

2. Examine the parts to see how they relate to one another and to the whole.

3. Examine the labels for each part of the graph and any explanatory remarks that may be given.

4. Use the given parts to calculate additional amounts or percents.”

Formula used:

For the rate R, base B and portion P, the percentage formula is $R=\frac{P}{B}\left(100\%\right)$.

Calculation:

It is given that the total cost of the lot is $8,500 and the total cost is $66,000.

Note that here the portion P is the total cost of the lot, B is the total cost and R represents the percent of the total cost is the cost of the lot.

Substitute $P=\$8,500$, $B=\$66,000$ and obtain the percent of the total cost is the cost of the lot as follows.

$\begin{array}{c}R=\frac{8,500}{66,000}\left(100\%\right)\\ =0.1287\left(100\%\right)\\ =12.87\%\end{array}$

Note that 12.87% can be rounded to the nearest tenth as 12.9%.

Therefore, the percent of the total cost is the cost of the lot is $\underset{\_}{12.9\%}$.