Felix’s Feed Mill sells chicken feed for $8.00 per bag. This price is no longer high enough to create a profit. Felix decides to raise the price. He is considering four different plans.Which plan will result in the price of the feed reaching $12.00 fastest?
Answers
The complete question is:
Felix's Feed Mill sells chicken feed for $8.00 per bag. This price is no longer high enough to create a profit. Felix decides to raise the price. He is considering four different plans.
Plan A: Raise the price by $0.10 each week until the price reaches $12.00.
Plan B: Raise the price by 10 percent each week until the price reaches $12.00.
Plan C: Raise the price by the same amount each week for 8 weeks, so that in the eighth week the price is $12.00.
Plan D: Raise the price by $0.25 each week until the price reaches $12.00.
Which plan will result in the price of the feed reaching $12.00 fastest?
plan A
plan B
plan C
plan D
Given:
Felix's Feed Mill sells chicken feed for $8.00 per bag.
Plan A: Raise the price by $0.10 each week until the price reaches $12.00.
Plan B: Raise the price by 10 percent each week until the price reaches $12.00.
Plan C: Raise the price by the same amount each week for 8 weeks, so that in the eighth week the price is $12.00.
Plan D: Raise the price by $0.25 each week until the price reaches $12.00.
To find:
Which plan will result in the price of the feed reaching $12.00 fastest.
Solution:
Plan B: Raise the price by 10 percent each week until the price reaches $12.00.
10 per cent of 8 = 10/100 × 8 = 0.8
First week, 8 + 0.8 = 8.8
Second week, 8.8 + 0.8 = 9.6
Third week, 9.6 + 0.8 = 10.4
Forth week, 10.4 + 0.8 = 11.2
Fifth week, 11.2 + 0.8 = 12
A total of 5 weeks later, the price of the feed reaches $ 12.
The provided question is incomplete as the appropriate options are not given, how ever the correct options are as follows:
Plan A: Raise the price by $0.10 each week until the price reaches $12.00.
Plan B: Raise the price by 10 percent each week until the price reaches $12.00.
Plan C: Raise the price by the same amount each week for 8 weeks, so that in the eighth week the price is $12.00.
Plan D: Raise the price by $0.25 each week until the price reaches $12.00.
Answer:
The Plan B will result in the price of of the feed reaching $12.00 fastest among all four.
Step-by-step explanation:
Plan A is to increase $0.10 every weak and as he needs to increase the price $4 to reach so it will take 4/0.10 = 40 weeks.
Plan B is 10% of $8 each week that will take 8×10/100 = .80, so the time it will take to reach $12 : = 5 weeks.
Plan C is to increase price in such manner that it will increase in same amount ($0.50) for eight weeks which is more than plan B.
Plan D is to increase $0.25 every week that will take time of : 4/0.25 = 16 weeks.
Thus, the correct answer is : plan B.