## In $$1991,$$ the price of a house was $$80\%$$ of its original price. In $$1992,$$ the price of the house was $$60\%$$

##### This topic has expert replies
Legendary Member
Posts: 823
Joined: 01 Mar 2018
Followed by:2 members

### In $$1991,$$ the price of a house was $$80\%$$ of its original price. In $$1992,$$ the price of the house was $$60\%$$

by Gmat_mission » Wed Sep 23, 2020 5:36 am

00:00

A

B

C

D

E

## Global Stats

In $$1991,$$ the price of a house was $$80\%$$ of its original price. In $$1992,$$ the price of the house was $$60\%$$ of its original price. By what percent did the price of the house decrease from $$1991$$ to $$1992?$$

A. $$20\%$$
B. $$25\%$$
C. $$33 \frac13\%$$
D. $$40\%$$
E. $$60\%$$

Source: Princeton Review

Legendary Member
Posts: 1975
Joined: 02 Mar 2018
Followed by:4 members

### Re: In $$1991,$$ the price of a house was $$80\%$$ of its original price. In $$1992,$$ the price of the house was $$60\% by deloitte247 » Fri Sep 25, 2020 7:53 pm Let original price = x In 1991, price = 80% of x = 0.8x In 1992, price = 60% of x = 0.6x By what percent did the price of the house decreased from 1991 to 1992 \%decrease=\frac{0.8x-0.6x}{0.8x}\cdot\frac{100}{1} \%decrease=\frac{0.2x}{0.8x}\cdot\frac{100}{1}=0.25\cdot100=25\% Answer = option B ### GMAT/MBA Expert GMAT Instructor Posts: 5549 Joined: 25 Apr 2015 Location: Los Angeles, CA Thanked: 43 times Followed by:24 members ### Re: In \(1991,$$ the price of a house was $$80\%$$ of its original price. In $$1992,$$ the price of the house was $$60\% by Scott@TargetTestPrep » Mon Sep 28, 2020 12:33 pm Gmat_mission wrote: Wed Sep 23, 2020 5:36 am In \(1991,$$ the price of a house was $$80\%$$ of its original price. In $$1992,$$ the price of the house was $$60\%$$ of its original price. By what percent did the price of the house decrease from $$1991$$ to $$1992?$$

A. $$20\%$$
B. $$25\%$$
C. $$33 \frac13\%$$
D. $$40\%$$
E. $$60\%$$