To find the rate of change in profit from January to May, we can use the formula for rate of change:
Rate of Change = (New Value – Old Value) / Old Value
Here, the old value is the profit in January, which is $6,500, and the new value is the profit in May, which is $17,500.
Plugging in the values:
Rate of Change = (17500 – 6500) / 6500
This simplifies to:
Rate of Change = 11000 / 6500
Calculating this gives:
Rate of Change ≈ 1.6923
To express this as a percentage, we multiply by 100:
Rate of Change ≈ 169.23%
This means that the profit increased by approximately 169.23% from January to May.