Percentage increase is 5797%.
$\text{% increase} = \dfrac{ \color{red}{ \text{final value} } - \color{blue}{ \text{initial value} } }{ \color{blue}{ \text{initial value} } } \times 100$ | $$ \begin{aligned} \color{red}{ \text{final value} } &= 58970 \\[1.5em] \color{blue}{ \text{initial value} } &= 1000 \end{aligned} $$ |
$\text{% increase} = \dfrac{ \color{red}{ 58970 } - \color{blue}{ 1000 } }{ \color{blue}{ 1000 } } \times 100 $ | |
$\text{% increase} = 57.97 \times 100 $ | |
$\text{% increase} = 5797 \% $ |