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The price of weed is increased by 7%. By how much percent

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Senior Manager
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The price of weed is increased by 7%. By how much percent [#permalink] New post 10 Jan 2004, 18:04
The price :crying of weed is increased by 7%. By how much percent should a pot smoker reduce his consumption of weed to have no extra expenditure?:shocked

a. 700/107%
b. 107/100%
c. 100/107%
d. 7/107%
e. 70/107%

***Just checking my answer on this one, as there is a conflict with the official answer.
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 [#permalink] New post 10 Jan 2004, 18:06
hi Sunny it should be 700/107 , i got it by using the formula a*b/a+b
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 [#permalink] New post 10 Jan 2004, 18:35
Thats what the official answer is.
I got (d) by 7/100 + 7
hmmm...
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 [#permalink] New post 10 Jan 2004, 19:21
if u not aware of the formula, then u can try by taking some values but I guess its time-consuming
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Re: WEED Q [#permalink] New post 14 Jan 2004, 00:50
sunniboy007 wrote:
The price :crying of weed is increased by 7%. By how much percent should a pot smoker reduce his consumption of weed to have no extra expenditure?:shocked

a. 700/107%
b. 107/100%
c. 100/107%
d. 7/107%
e. 70/107%

***Just checking my answer on this one, as there is a conflict with the official answer.


Let X be the price of stuff. The price has just gone up to 107/100*x. In order for the price to be x again, we need to buy 100/107 of it. In terms of percentage change, this is 1-100/107 or 7/107 or 700/107%.

The correct answer is A.
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Vice President, Midtown NYC Investment Bank, Structured Finance IT
MFE, Haas School of Business, UC Berkeley, Class of 2005
MBA, Anderson School of Management, UCLA, Class of 1993

Re: WEED Q   [#permalink] 14 Jan 2004, 00:50
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