Que: A spice trader increased the selling price of a bag of spices by 40 percent and then again increased by 20 percent. Which of the following represents the final percent change in the selling price of the bag of spices?
(A) 28% less
(B) 40% more
(C) 60% less
(D) 60% more
(E) 68% more
Que: A spice trader increased the selling price of a bag of spices by 40 percent and...........
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- Max@Math Revolution
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- Max@Math Revolution
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Solution: Let us apply the IVY approach to solve the question. As we are dealing with percentage, then let the original price of the bag of spices be $100.
Price after increment by 40%: (100 + 40)% of $100
=> (\(\frac{140}{100}\)) * $100 = $140
Price after second increment by 20%: (100 + 20)% of $140
=> (\(\frac{120}{100}\)) * $140 = $168
As the base price is $100, the final price would be 68% of the base price.
After - A ; Before - B
Since Percent change = \(\frac{A-B}{B}\cdot100\)(%) and $100 (Before) and $168 (After),
We get Percent change = \(\frac{168-100}{100}\cdot100\)(%) =\(\frac{68}{100}\cdot100\)(%) = 68%
Therefore, E is the correct answer.
Answer E
Price after increment by 40%: (100 + 40)% of $100
=> (\(\frac{140}{100}\)) * $100 = $140
Price after second increment by 20%: (100 + 20)% of $140
=> (\(\frac{120}{100}\)) * $140 = $168
As the base price is $100, the final price would be 68% of the base price.
After - A ; Before - B
Since Percent change = \(\frac{A-B}{B}\cdot100\)(%) and $100 (Before) and $168 (After),
We get Percent change = \(\frac{168-100}{100}\cdot100\)(%) =\(\frac{68}{100}\cdot100\)(%) = 68%
Therefore, E is the correct answer.
Answer E
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