The low bid is $1,940,000 and the second bid is $2,075,000. What is the difference as a percentage of the low bid, rounded to one decimal place?
Correct Answer
D) 7.0%
Difference = $2,075,000 − $1,940,000 = $135,000. Relative to the low bid, $135,000 ÷ $1,940,000 × 100 = 6.95876…%, or 7.0% to one decimal. Dividing by the second bid instead gives about 6.5%; 107.0% is the second bid as a percentage of the first, not the spread.
Why This Is the Correct Answer
Difference = $2,075,000 − $1,940,000 = $135,000. Relative to the low bid, $135,000 ÷ $1,940,000 × 100 = 6.95876…%, or 7.0% to one decimal. Dividing by the second bid instead gives about 6.5%; 107.0% is the second bid as a percentage of the first, not the spread.
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