Question

The price of a commodity increased by 5% from
2010 to 2011, 8% from 2011 to 2012 and 77%
from 2012 to 2013. What is the average price
increase (approximate) from 2010 to 2013?​

Answer 1

Answer:

Average = 5+8+773=30%

Answer 2

Given :- The price of a commodity increased by 5% from

2010 to 2011, 8% from 2011 to 2012 and 77% from 2012 to 2013. What is the average price increase (approximate) from 2010 to 2013 ?

Solution :-

we know that, if price is increased by r1% in first years, r2% in second year and r3 % in 3rd year , then,

• Price after 3 year = current Price * {1 + (r1/100)} * {1 + (r2/100)} + {1 + (r3/100)}

Let us assume that, Price of commodity in 2010 was Rs.100 .

given that,

• R1 = 5%
• R2 = 8%
• R3 = 77% .

So,

→ Price of commodity after the end of 2013 = 100 * {1 + (5/100)} * {1 + (8/100)} * {1 + (77/100)} = 100 * {1 + (1/20)} * {1 + (2/25)} * (177/100) = 100 * (21/20) * (27/25) * (177/100) = (21 * 27 * 177) / 500 ≈ Rs.200 .

Therefore,

→ Total price increased from 2010 to 2013 = 200.71 - 100 = Rs.100

→ % increased in price = (100 * 100)/100 = 100% .

Hence,

→ Average price increased from 2010 to 2013 = (100/3) = 33.33% (Ans.)

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