The Candy Cane Dilemma
On monday, the price of a candy cane was $1.35.
On tuesday, the price of that same candy cane was $1.76.
On wednesday, the price of that same candy cane changed yet again... it was $1.98.
What is the average hourly change in price from monday to wednesday (rounded to the nearest hundredth of a cent)?
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1 solution
One thing that is important to note while solving this problem is that the price of the candy cane on Tuesday can completely be ignored - After all, the problem asks us for the average hourly change in price between Monday and Wednesday. This simplifies the problem by a lot. The next step is to look at the difference in price between Monday and Wednesday - it was 63 cents. The amount of time between Monday and Wednesday is 2 days - or in this problem, better represented as 48 hours. Now that we have the price change between the two days and the amount of hours between these two days, we can simply just divide the price by the time to calculate the hourly rate.
63 (cents) / 48 (hours) = 1.3125 (cents per hour)
Since this problem asks us for the hourly change in price rounded to the nearest hundredth of a cent , we (obviously) have to round to the nearest hundredth.
1.3125 (cents per hour) ≈ 1.31 (cents per hour)
Therefore, the average hourly price change between Monday and Wednesday is 1.31 cents per hour.