Question
Download Solution PDFThe price of a commodity increased by 5% from 1995 to 1996, 8% from 1996 to 1997 and 77% from 1997 to 1998. Then, the average price increase from 1995 to 1998 is
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is option 4.
Given: The price of a commodity increased by 5% from 1995 to 1996, 8% from 1996 to 1997 and 77% from 1997 to 1998.
Concept Used: Effective percentage increment = a + b + (a x b)/100
Calculation:
⇒ The price of a commodity increased by 5% from 1995 to 1996, and 8% from 1996 to 1997.
The percentage over the year from 1995 to 1997 = \(5 + 8 + \dfrac{5 \times 8}{100}\) = 13.4%
⇒ And 77% from 1997 to 1998
The effective percentage increment over the year from 1995 to 1998 = \(13.4 + 77 + \dfrac{13.4 \times 77}{100}\)
= 90.4 + 10.31
= 100.71%
The average price increase from 1995 to 1998 = \(\dfrac{100.71}{3}\) = 33.57%
Hence, the average price increase from 1995 to 1998 is 33.57%.
Last updated on Jul 4, 2025
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