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A certain pair of used shoes can be repaired for $12.50 and will last

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Intern
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A certain pair of used shoes can be repaired for $12.50 and will last [#permalink]

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New post 13 Sep 2015, 09:00
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A
B
C
D
E

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Question Stats:

83% (00:59) correct 17% (01:07) wrong based on 90 sessions

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A certain pair of used shoes can be repaired for $12.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $28.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes?

A 3%
B 5%
C 12 %
D 15%
E 24%
[Reveal] Spoiler: OA

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Last edited by Bunuel on 13 Sep 2015, 09:01, edited 1 time in total.
Added the OA.
Intern
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Re: A certain pair of used shoes can be repaired for $12.50 and will last [#permalink]

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New post 13 Sep 2015, 09:08
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28 / 2 = 14
14 - 12.50 = 1.50
1.50 / 12.50 = .12 = 12%
Answer choice C
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Re: A certain pair of used shoes can be repaired for $12.50 and will last [#permalink]

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New post 13 Sep 2015, 18:57
1) Cost of repairing = 12.5 ( for one year ), Therefore for 2 years it would be $ 25.

2) Cost of new pair which will last for 2 years is $ 28.

Percentage change formula = ( Final value - Initial value ) / ( Initial Value ) * 100. In this case the final value would be the price of new shoe & initial value would be the cost of repairing the old shoe.

I.e ( 28 - 25 ) / ( 25 ) * 100 = 12 %.

Ans is C.
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Re: A certain pair of used shoes can be repaired for $12.50 and will last [#permalink]

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New post 15 Jan 2018, 09:58
harishbiyani8888 wrote:
A certain pair of used shoes can be repaired for $12.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $28.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes?

A 3%
B 5%
C 12 %
D 15%
E 24%


Average cost of New shoes is 14
Average Cost of repairing old shoes is 12.50

So, The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes is \(\frac{(14 - 12.50)}{14}*100\) = 12% , answer will be (C)
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Re: A certain pair of used shoes can be repaired for $12.50 and will last   [#permalink] 15 Jan 2018, 09:58
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