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by outty » Tue May 20, 2014 5:50 pm
The original price of an item was increased by 24 percent. The new price was then increased by p percent, resulting in a final price. If the final price was 55 percent greater than the original price, what is the value of p?

a. 24
b. 25
c. 28
d. 31
e. 43

b
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by outty » Tue May 20, 2014 5:51 pm
I'm not having a problem with setting up the problem to find the percent increase. My issue lies with the computation of the final percent. you have a fraction of 155/124 which equals 1.25. I may be just having a really bad moment here, but I just don't see it.

Thanks in advance.
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by [email protected] » Tue May 20, 2014 10:57 pm
Hi outty,

This question can be approached in a number of ways. If you're going to focus on the algebraic approach, then here's what you need to know:

Original Price = X

Then it was increased by 24% = 1.24X

This price was then increased by P%….and the final price was 55% greater than the original price = 1.55X

We're asked to solve for P…..

Since 1.24X was increased by P% to = 1.55X, then here's how you solve for P….

1.24X + (1.24X)P = 1.55X

1.24X(1+ P) = 1.55X

1+ P = 1.55X/1.24X

1+ P = 1.55/1.24

1+ P = 1.25

P = .25 = 25%

Final Answer: B

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by GMATGuruNY » Tue May 20, 2014 11:02 pm
outty wrote:The original price of an item was increased by 24 percent. The new price was then increased by p percent, resulting in a final price. If the final price was 55 percent greater than the original price, what is the value of p?

a. 24
b. 25
c. 28
d. 31
e. 43

b
Let the original price = 100.
Price increased by 24% = 100 + 24% of 100 = 124.
Since the final price is 55% greater than the original price, the final price = 100 + 55% of 100 = 155.
p = percent increase from 124 to 155 = Difference/Smaller * 100 = (155-124)/124 * 100 = 25.

The correct answer is B.
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