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In 1994, Kenneth’s annual salary was 30 percent higher than it was in

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Bunuel
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In 1994, Kenneth’s annual salary was 30 percent higher than it was in [#permalink] New post   30 Jan 2020, 04:00
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In 1994, Kenneth’s annual salary was 30 percent higher than it was in 1993. In 1995, Kenneth’s annual salary was reduced to 104 percent of his 1993 annual salary. Kenneth’s 1995 annual salary was what percent less than his 1994 annual salary?

A. 16%
B. 20%
C. 24%
D. 26%
E. 28%
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B
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rajatchopra1994
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Re: In 1994, Kenneth’s annual salary was 30 percent higher than it was in [#permalink] New post   30 Jan 2020, 04:33
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Explanation:

let 1993 salary = 100
1994 = 130
1995 = 104

So required % = {(130-104)/130}x 100 = 20%

IMO-B
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Re: In 1994, Kenneth’s annual salary was 30 percent higher than it was in [#permalink] New post   05 Feb 2020, 05:33
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Bunuel wrote:
In 1994, Kenneth’s annual salary was 30 percent higher than it was in 1993. In 1995, Kenneth’s annual salary was reduced to 104 percent of his 1993 annual salary. Kenneth’s 1995 annual salary was what percent less than his 1994 annual salary?

A. 16%
B. 20%
C. 24%
D. 26%
E. 28%


Solution:

If the salary in 1993 was n, then the salary in 1994 was 1.3n, and in 1995 1.04n, thus:

(1.30n - 1.04n) / 1.30n x 100

0.26 / 1.30 x 100 = 0.2 x 100 = 20%

Alternate Solution:

Assume that Kenneth’s salary in 1993 was $100. Then, in 1994, it was 100 x 1.3 = $130, and in 1995 it was 100 x 1.04 = $104.

We use the percent less than formula to obtain:

(104 - 130) / 130 x 100

-26/130 x 100

-26/13 x 10

-2 x 10 = -20%, which indicates 20% less.

Answer: B
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Re: In 1994, Kenneths annual salary was 30 percent higher than it was in [#permalink] New post   14 Mar 2024, 07:52
 
Bunuel wrote:
In 1994, Kenneth’s annual salary was 30 percent higher than it was in 1993. In 1995, Kenneth’s annual salary was reduced to 104 percent of his 1993 annual salary. Kenneth’s 1995 annual salary was what percent less than his 1994 annual salary?

A. 16%
B. 20%
C. 24%
D. 26%
E. 28%

­
Attachment:
Screenshot 2024-03-14 201820.png
Screenshot 2024-03-14 201820.png [ 1.52 KiB | Viewed 380 times ]


Now we are asked : 1995 annual salary was what percent less than his 1994 annual salary?

ie, ­\(\frac{(130 - 104)}{130}*100 = 20\)%, Answer must be (B)
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gmatclubot
Re: In 1994, Kenneths annual salary was 30 percent higher than it was in [#permalink]
14 Mar 2024, 07:52
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