The price of a one-gram gold coin decreased by 10% on its initial price on Monday and increased by 20% on Tuesday and again increased by 8% on Wednesday and 5% on Thursday. If the final price on Thursday is Rs. 5511.24, then the initial price (in Rs.) of one gram gold coin on Monday was?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 4500.
Let the initial price be x
According to the question,
The price of a one-gram gold coin decreased by 10% on its initial price on Monday and increased by 20% on Tuesday and again increased by 8% on Wednesday and 5% on Thursday.
⇒ x × .9 × 1.2 × 1.08 × 1.05 = 5511.24
⇒ x = 4500