The company profit approximately increased by E) 70%.
An approximation is an equivalent value or number obtained by rounding off to the required significant figure.
The result obtained through approximation is not an exact value but is the nearest rounded value.
For instance, 71.4% can be approximated to 71% or 70%. 58 minutes can be rounded off or approximated to 1 hour.
Profit in 3 months = $3,500
Profit in 6 months = $6,000
Increase in profit = $2,500 ($6,000 - $3,500)
Percentage increase in profit = 71.43% ($2,500/$3,500 x 100)
71.43% ≈ 70%
Thus, the company profit approximately increased by E) 70%.
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