A merchant has selected two items to be placed on sale, one of which currently sells for 30 percent ...
A merchant has selected two items to be placed on sale, one of which currently sells for 30 percent less than the other. If he wishes to raise the price of the cheaper item so that the two items are equally priced, by what percentage must he raise the price of the less expensive item?
Answer/Solution
42 6/7%
Steps/Work
Expensive item = $100;
Cheap item = $70;
We must increase $70 to $100, so by $30, which is approximately 40% increase: (100-70)/70 = 3/7 = ~0.42.
Answer: C.
Cheap item = $70;
We must increase $70 to $100, so by $30, which is approximately 40% increase: (100-70)/70 = 3/7 = ~0.42.
Answer: C.