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Percents And Interest Problems

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by swerve » Mon Nov 02, 2020 9:23 am

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Answers

A

B

C

D

E

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Difficulty—

The price of a certain house went down 40 percent. By what percent does the new price have to be increased in order to bring it back up to the original price?


A. \(20\%\)

B. \(33 \frac{1}{3} \%\)

C. \(40\%\)

D. \(60\%\)

E. \(66 \frac{2}{3} \%\)

The OA is E

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Re: Percents And Interest Problems

by Scott@TargetTestPrep » Thu Nov 12, 2020 7:28 am
swerve wrote: ↑
Mon Nov 02, 2020 9:23 am
 The price of a certain house went down 40 percent. By what percent does the new price have to be increased in order to bring it back up to the original price?


A. \(20\%\)

B. \(33 \frac{1}{3} \%\)

C. \(40\%\)

D. \(60\%\)

E. \(66 \frac{2}{3} \%\)

The OA is E

Solution:

We can let the original price of the house be $100, and the new price is $60 after the price decrease of 40%. To bring $60 back to $100, we can create the following equation, where x is the percent change:

60(1 + x/100) = 100

1 + x/100 = 100/60

x/100 = 5/3 - 1

x/100 = 2/3

x = 2/3 * 100 = 66 ⅔

Answer: E

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