Question

Arun bought a car for'$₹3,50,000$‘. The next year, the price went up to’$₹3,70,000$'. What was the percentage of the price increase?

Answer 1

Step$1$: Calculate the increase in price:

$\Rightarrow$ Initial Price$=₹3,50,000$

$\Rightarrow$ Final Price $=₹3,70,000$

$\therefore$ Increase in price$=\mathrm{Final}\mathrm{price}-\mathrm{Initial}\mathrm{price}$

$=370000-350000$

$=₹20000$

Step$2$: Calculate the percentage:

$\therefore$ Percentage increase in price$=\frac{\mathrm{Increase}\mathrm{in}\mathrm{price}}{\mathrm{Initial}\mathrm{price}}\times 100\%$

$=\frac{20000}{350000}\times 100$

$=\frac{200}{35}$

$=5\frac{5}{7}\%$

Therefore, the percentage increase in price is $5\frac{5}{7}\%$