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At Megalomania Industries, factory workers were paid $20 per hour in

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At Megalomania Industries, factory workers were paid $20 per hour in  [#permalink]

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New post 05 Jun 2018, 01:25
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Question Stats:

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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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Re: At Megalomania Industries, factory workers were paid $20 per hour in  [#permalink]

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New post 05 Jun 2018, 02:23
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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%


Percent decrease in worker's pay \(= \frac{20-10}{20}*100\)%\(=50\)%

Percent increase in CEO's pay \(= \frac{50-5}{5}*100\)%\(=900\)%

The question is asking: 900 is what percent greater than 50?

If \(50\) is \(100\)%, then \(900\) is \(1800\)%. So, \(900\) is \(1700\)% greater than \(50\).

Answer: D
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Re: At Megalomania Industries, factory workers were paid $20 per hour in  [#permalink]

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New post 05 Jun 2018, 04:00

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.

Answer: D
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Re: At Megalomania Industries, factory workers were paid $20 per hour in  [#permalink]

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New post 10 Feb 2019, 10:48
Hi All,

We're told that at Megalomania Industries, factory workers were paid $20 per hour in 1990 and $10 per hour in 2000 and the CEO of Megalomania Industries was paid $5 million per year in 1990 and $50 million per year in 2000. We're asked for what percent greater was 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.

This question is based on the Percent Change Formula: (New - Old)/(Old) = (Difference)/(Original)

The CEO's salary percent increase = (50 million - 5 million)/(5 million) = 45/5 = 9 = 900% = 900% increase in salary

The worker's hourly percent decrease = (10 - 20)/(20) = -10/20 = -1/2 = -50% = 50% decrease in hourly pay

900 is what percent greater than 50?.... (900 - 50)/(50) = 850/50 = 17 = 1700% greater

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Re: At Megalomania Industries, factory workers were paid $20 per hour in  [#permalink]

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New post 12 Feb 2019, 19:45
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%

Answer: D
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Re: At Megalomania Industries, factory workers were paid $20 per hour in   [#permalink] 12 Feb 2019, 19:45
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