When Phil began his job, he could process 48 claims per day, on average. After 1 year, his average increased to 56 per day. Which of the following is closest to the percent increase in Phils processing rate?

Rationale

Phil's processing rate increased by approximately 17%.

To find the percent increase in Phil's processing rate, we calculate the difference between the final and initial values, divide by the initial value, and then multiply by 100. The formula gives us a percent increase of around 16.67%, which rounds to 17%.

A (14%) YOUR ANSWER

This option underestimates the percent increase. To calculate the percent increase, the formula requires dividing the increase of 8 claims (from 48 to 56) by the original 48 claims, resulting in approximately 16.67%. The value of 14% is too low to accurately reflect the increase.

B (15%) YOUR ANSWER

While closer than 14%, this choice still does not capture the correct percent increase. Using the same calculation method as before, the result is approximately 16.67%. Therefore, 15% is also insufficient to represent Phil's actual increase in processing rate.

C (17%) CORRECT

This choice accurately reflects the percent increase in Phil's processing rate. The calculation shows an increase from 48 claims to 56 claims, yielding an increase of 8 claims. The percent increase calculation results in about 16.67%, which rounds to 17%, making this the closest option to the actual increase.

D (20%) YOUR ANSWER

This option overestimates the percent increase. A calculation shows that the increase of 8 claims yields a percent increase of about 16.67%. Thus, stating a 20% increase misrepresents the actual change in Phil's claims processing rate.

Conclusion

Percent increase calculations are crucial for evaluating changes in performance metrics. In Phil's case, his processing rate increased from 48 to 56 claims per day, resulting in an approximate increase of 17%. The options provided reflect various misunderstandings of the percentage calculations, with 17% being the most accurate representation of the change.

When Phil began his job, he could process 48 claims per day, on average. After 1 year, his average increased to 56 per day. Which of the following is closest to the percent increase in Phils processing rate?

Phil's processing rate increased by approximately 17%.

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