Question : The price of diesel has increased by 26%. A person wants to increase his expenditure by 15% only. By what percentage, correct to one decimal place, should he decrease his consumption?
Option 1: 7.2%
Option 2: 9.5%
Option 3: 8.7%
Option 4: 6.5%
Correct Answer: 8.7%
Solution :
Let the initial price and initial consumption be 100.
So, initial expenditure = 100 × 100 = 10,000
Price after increment of 26% = 126
Expenditure after increment of 15% = 11500
New Consumption = $\frac{11500}{126}$ = 91.27
Difference in consumption = 100 - 91.27 = 8.73
Percentage decrease in consumption = $\frac{\text{Difference in consumption}}{\text{old consumption}}\times100$%
= $\frac{8.73}{100}\times100$%
= 8.73%
Hence, the correct answer is 8.7%.
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