I.24 Percents up and down. Between January 14, 2015, and July 14, 2015, the average price of regular gasoline increased from $2.08 per gallon to $2.78 per gallon.
(a) Verify that this is a 34% increase in price.
(b) If the price of gasoline decreases by 34% from its July 14, 2015, level of $2.78 per gallon, what would be the new price? Notice that a 34% increase followed by a 34% decrease does not take us back to the starting point.