Step 1
Given data
Old value = 16
New value = 23
Step 2
Write the percentage increase formula
[tex]\text{Percentage increase = }\frac{I\text{ncrease}}{\text{Old}}\text{ }\times\text{ 100\%}[/tex]Step 3
Increase = 23 - 16 = 7
[tex]\begin{gathered} \text{Percentage increase = }\frac{7}{16}\text{ }\times\text{ 100\%} \\ =\text{ 43.75\%} \end{gathered}[/tex]