JFK

Explanation

We will begin by finding the amount of increase in the value of the rocking chair. Then we can calculate what percent of the original 5,000 USD value of the chair that the increase represent

First, we find the amount of increase in the value of the rocking chair

• Subtract the original value from the price paid at auction.
  • 453,500 - 5,000 = 448,500

The rocking chair increase in value by 448,500.  Next, we find what percent of the original 5,000 value of the rocking chair the 448,500 increase represents by translating the problem into a percent equation (or percent proportion) and solving it.

448,500 is what percent of 5,000?

448,500 = x • 5,000

• This is the equation to solve
  • 448,500 = x • 5,000
• To isolate x on the right side, divide both sides of the equation by 5,000.  Then remove the common factor of 5,000 from numerator and denominator.
  • \(\require{cancel} \frac{448,500}{5,000} = \frac{x \cdot \cancel{5,000}^1}{\cancel{5,000}_1}\)
• Before performing the division on the left side of the equation, recall that there is a shortcut for dividing a dividend by a divisor when both end with zeros.  Remove two of the ending zeros in the divisor 5,000 and remove the same number of ending zeros in the dividend 448,500.
  • \(\frac{4,485}{50} = x\)
• Divide 4,485 by 50.
  • 89.7 = x
• To write the decimal 89.7 as a percent, multiply it by 100 by removing the decimal point two places to the right, and then insert a % symbol.
  • 8,970% = x

We see that there was an amazing 8,970% increase in the value of the Kennedy rocking chair.