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05 Jun 2018, 02:25
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Difficulty:

85% (hard)

Question Stats:

39% (01:52) correct 61% (02:04) wrong based on 56 sessions

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At Megalomania Industries, factory workers were paid $20 per hour in 1990 and$10 per hour in 2000. The CEO of Megalomania Industries was paid $5 million per year in 1990 and$50 million per year in 2000. The percent increase in the pay of Megalomania’s CEO from 1990 to 2000 was what percent greater than the percent the decrease in the hourly pay of Megalomania’s factory workers over the same period?

A) 850%

B) 900%

C) 950%

D) 1,700%

E) 1,900%

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05 Jun 2018, 05:00

Solution

Given:
• Factory workers were paid $20 per hour in 1990 and$10 per hour in 2000
• CEO was paid $5 million per year in 1990 and$50 million per year in 2000

To find:
• The percent increase in the CEO’s pay was what percent greater than the percent decrease in the factory workers’ hourly pay

Approach and Working:
• The percent decrease in the hourly pay of factory workers = $$\frac{(20 – 10)}{20} * 100 = 50%$$
• The percent increase in the CEO’s pay = $$\frac{(50 – 5)}{5} * 100 = 900%$$
• The percentage by which 900 is more than 50 = $$\frac{(900 – 50)}{50} * 100 = 1700%$$

Hence, the correct answer is option D.

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12 Feb 2019, 20:45
Bunuel wrote:
At Megalomania Industries, factory workers were paid $20 per hour in 1990 and$10 per hour in 2000. The CEO of Megalomania Industries was paid $5 million per year in 1990 and$50 million per year in 2000. The percent increase in the pay of Megalomania’s CEO from 1990 to 2000 was what percent greater than the percent the decrease in the hourly pay of Megalomania’s factory workers over the same period?

A) 850%

B) 900%

C) 950%

D) 1,700%

E) 1,900%

First, let’s calculate the percent decrease for the workers, using the formula (New - Old)/Old x 100:

(10 - 20)/20 x 100 = 50% decrease

Next we calculate the percent increase for the CEO:

(50,000,000 - 5,000,000)/5,000,000 x 100

45,000,000/5,000,000 x 100

9 x 100 = 900% increase

Thus:

(900 - 50)/50 x 100

850/50 x 100 = 1700%

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