Question
Download Solution PDFThe price of a product increases by 10% in the first year and 20% in the second year. What is the overall percentage increase in the price of the product over the two years?
Answer (Detailed Solution Below)
Detailed Solution
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Effective percentage change = x + y + xy/100
Here, x = 10 and y = 20
Overall percentage increased in the price = 10 + 20 + (200/100)
⇒ 32%
∴ The overall percentage increased in the price is 32%.
Given:
A number increased by 10% and 20%
Calculation:
Let the number be x.
According to the question,
⇒ x × (110/100) × (120/100)
⇒ x × (11/10) × (6/5)
⇒ 66x/50
Overall percentage increase in the price = [{(66x/50) - x}/x] × 100
⇒ (16x/50x) × 100
⇒ 32%
∴ The overall percentage increased in the price is 32%.
Last updated on May 28, 2025
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