If the price of gold went from $460 an ounce to $483 an ounce in one week, what was the percent change in the price of gold?

(new - original)/original

(483-460)/460

23/460

.05

.05 * 100

5%

5% increase

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!