The price of petrol is increased by 28%. A person wants to increase his expenditure by 22% only. By approximately what percent should he decrease his consumption?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 4.7%
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Concept |
Understanding |
Application |
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Expenditure = Price × Consumption |
Suppose initial price of sugar = 100 Consumption = 100 Hence, Initial expenditure = 100 × 100 = 10000
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Increased price of sugar = 100 × 1.28 = 128 Person wants his expenditure increase by 22% only, So, his expenditure should be = 10000 × 1.22 = 12200 Hence, New consumption = 12200/128 = 95.3125 Required percentage = [(100 – 95.3125)/100] × 100 = [(100 – 95.3125)/100] × 100 = 4.6875 = 4.7% (Approx.) |