The price of cooking oil increased by 8%. A family uses 12 litres of cooking oil per month. If the original price was ₹150 per litre, what is the additional annual expenditure (to the nearest Rs.) for the family due to the price hike?
Show answer & explanation
Correct answer: C
Explanation
Original price of oil = 150 per litre
Price increase = 8%
Increase per litre = 8% × 150 = 12
Family's monthly consumption = 12 litres
Additional monthly expenditure = 12 × 12 = 144
Additional annual expenditure = 144 × 12 = 1,728