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A library expansion begun in 2002, was expected to cost $107 million. By 2006 library officials estimated the cost would be $34 million over budget. By what percent did the actual cost exceed the initial estimate?
This problem is quite easy if you didregard the years. Percent increase is known as (Final-initial)/(Final) In this case final would be 107 million +34 million=141 million. Initial would be 107 million.
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