The next model of a sports car will cost 4.9% more than the current model. The current model costs $47,000. How much will the price increase in dollars? What will be the price of the next model?

Increase In Price = $2,303

New Price = $49,303

Step-by-step explanation:

To find the increase in price from the first to the second, we have to find 4.9% of 47,000

This can be done by multiplying 47,000 by 0.049

47,000 x 0.049 = 2,303

The price will Increase by

$2,303

To find the new price, we add the increased price to the original price.

47,000 + 2,303 =

$49,303

Another way to find the new price is by multiplying 47,000 by 1.049 because you are finding 100% + 4.9% of it, which is 1 + 0.049

47,000 x 1.049 = $49,303

-Chetan K