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The price of a certain commodity increased at a rate of x%

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CEO
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Joined: 21 Jan 2007
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The price of a certain commodity increased at a rate of x% [#permalink] New post 27 Dec 2007, 06:54
The price of a certain commodity increased at a rate of x% each year between 2000 and 2004. If the price was M dollars in 2001 and N in 2003, what was the price in terms of M and N?

sqrt(MN)
N * sqrt(N/M)
N * sqrtM
N* M/sqrtN
N * M^(3/2)

Can someone show me the approach? not sure where to start
CEO
CEO
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Joined: 21 Jan 2007
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Location: New York City
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 [#permalink] New post 27 Dec 2007, 07:13
alright, i'm a little further along in the answer now.

why is year 2003
N = M* (1 + x/100)^2
and not
N = [M* (1 + x/100)]^2
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Re: percentage increase - algebra [#permalink] New post 27 Dec 2007, 08:07
bmwhype2 wrote:
The price of a certain commodity increased at a rate of x% each year between 2000 and 2004. If the price was M dollars in 2001 and N in 2003, what was the price in terms of M and N?

sqrt(MN)
N * sqrt(N/M)
N * sqrtM
N* M/sqrtN
N * M^(3/2)

Can someone show me the approach? not sure where to start


Whats the question? which year's price you want to know?
Year 2000 - A
Year 2004 - B

Approach:
Let X be the price in 2000. r be the rate of interest. Then, the price in subsequent years is:
X(1+r/100), X(1+r/100)^2, X(1+r/100)^3,
This can be written as: Xq, Xq^2, Xq^3......
This is a Geometric sequence.
You know the 2nd and 4th term. You can find the common ratio and then the first term.
From this, you can find any term.

Hope that helps!
Re: percentage increase - algebra   [#permalink] 27 Dec 2007, 08:07
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