The price of crude oil, per barrel, in the year 2006 was estimated at $66.02. there was a 9.5% increase in the year 2007 and a 38.83% increase in the year 2008. determine the approximate value for a barrel of crude oil in the year 2008. round your answer to the nearest cent.

a.
$128.74
c.
$179.27
b.
$91.66

The approximate value for a barrel of crude oil in the year 2008 is $100.36.

Step-by-step explanation:

The price of crude oil, per barrel, in the year 2006 was estimated at $66.02.

There was a 9.5% increase in the year 2007,

So, price in 2007 becomes = = $72.29

There was a 38.83% increase in the year 2008.

So, price in 2008 becomes = = $100.36

Therefore, the approximate value for a barrel of crude oil in the year 2008 is $100.36.

This option is not given but this is the correct answer.