Question : The price of kerosene increases by 10 %, every year. If the current price of kerosene is INR 50 per litre then what will be the price of kerosene per litre after 2 years?
Option 1: INR 65.6
Option 2: INR 60.5
Option 3: INR 52.8
Option 4: INR 55.6
Correct Answer: INR 60.5
Solution :
The current price of kerosene = INR 50
Increase per year = 10%
Number of years = 2
Effective increase = (10 + 10 + $\frac{10×10}{100}$)%
= 21%
Increased price = 50 + 21% of 50
= 50 + $\frac{21}{100}$ × 50
= 50 + 10.5
= 60.5
Hence, the correct answer is INR 60.5.
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