1. Stating the problem: We need to find the percent change in the price of steak when it changes from 1954 to 2227.56. 2. Recall the formula for percent change: $$\text{Percent Change} = \left(\frac{\text{New Price} - \text{Original Price}}{\text{Original Price}}\right) \times 100\%$$ 3. Substitute the given values: $$\text{Percent Change} = \left(\frac{2227.56 - 1954}{1954}\right) \times 100\%$$ 4. Calculate the difference in price: $$2227.56 - 1954 = 273.56$$ 5. Divide the difference by the original price: $$\frac{273.56}{1954} \approx 0.14$$ 6. Multiply by 100 to get the percent: $$0.14 \times 100\% = 14\%$$ 7. Final answer: The price of the steak increased by 14%.