Question : What is the single equivalent price increase for two successive price increase of 5% and 8% on an item?
Option 1: 13.4%
Option 2: 12.5%
Option 3: 14.2%
Option 4: 15.5%
Answer (1)
20th Jan, 2024
Correct Answer: 13.4%
Solution :
Equivalent price increase
Equivalent increase = $a + b + \frac{ab}{100}$
Where $a$ and $b$ are increased percentages.
= $8 + 5 + \frac{8×5}{100}$
= 13.4%
Hence, the correct answer is 13.4%.
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