Question

A library expansion, begun in 2002, was expected to cost $101 million. By 2006, library officials estimate the cost would be $45 million over budget. By what percent did the actual cost exceed the initial estimate?

Answer 1

The excess $45 million dollar overage amount is relative to the the initial $101 million dollar budget amount.

So the percentage increase will be this fraction expressed as a percent:

   (overage amount / budget amount) x 100%

   (45/101) x 100 = 4500/101 = 44.6%