Question : A boy who was asked to find the $3\frac{1}{2}$% of a sum of money misread the question and found $5\frac{1}{2}$% of it. His answer was 220. What would have been the correct answer?
Option 1: 120
Option 2: 140
Option 3: 160
Option 4: 150
Correct Answer: 140
Solution :
$5\frac{1}{2}$% means 5.5% and $3\frac{1}{2}$% means 3.5%.
When misread as 5.5%, the answer = 220
The value of 1% is $\frac{220}{5.5}$ = 40
Thus, the correct value for 3.5% = 40 × 3.5 = 140
Hence, the correct answer is 140.
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