Question : Two successive price increases of 15% and 40% of an article are equivalent to a single price increase of:
Option 1: 61%
Option 2: 52%
Option 3: 55%
Option 4: 60%
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Correct Answer: 61%
Solution : For successive percentage change use the following formula, $x+y+\frac{xy}{100}$, where $x$ and $y$ are percentage increases or decreases, if increases take positive and if decreases take negative. Given: $x$ = 15% and $y$ = 40% $\therefore$ The equivalent price increase = $15+40+\frac{15×40}{100}= 61\%$ Hence, the correct answer is 61%.
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