Question

Vasanth bought a car for ₹ 4,50,000. The next year the price went up to

₹ 4,70,000. What was the percentage of price increase?
​

Answer 1

⇒ Given:

Price of the car when Vasanth bought it =  ₹ 4,50,000

Price of the car the very next year = ₹ 4,70,000

⇒ To Find:

The increase percentage

⇒ Analysis:

First of all, we need to find the increase in price by subtracting the actual price from the increased price. Then we can find the increase percent by the increase percent formula.

⇒ Formula to be used:

→ $\boxed{\sf{Increase\:percent=\dfrac{Amount\:of\:increase}{Actual\:price}\times100}}}$

⇒ Solution:

Increase in price = ₹ 4,70,000 - ₹ 4,50,000

Increase in price = ₹ 20,000

$\sf{Increase\:percent=\dfrac{Amount\:of\:increase}{Actual\:price}}$

$\sf{Increase\:percent=\dfrac{20,000}{4,50,000}}$

$\sf{Increase\:percent=4.44\%}$

Hence the required answer is 4.44%.

Knowledge Bytes:

→ Important Increase - Decrease Formulae:

✳ To Find Increase amount = Increased amount - Actual amount

✳ To Find Decrease amount = Actual amount - Decrease amount

✳ To Find Increase % = $\sf{\dfrac{Increase\:Amount}{Actual\:Amount}\times100}$

✳ To Find Decrease % = $\sf{\dfrac{Decrease\:Amount}{Actual\:Amount}\times100}$

Note:

In order to find Increase or decrease percent directly, we need to find the increase and decrease amount at first for the respective percents.

Answer 2

price of car when Vasanth bought it= ₹ 4,50,000.

price of car next year=₹ 4,70,000.

so fist find the difference of increase
   
470000-450000= 20000

percentage of price increased

 20000   x100        

450000

2     x100

45

= 4.44%

so 4.44% has increased