Bunuel wrote:
John and Mike had equal amount of money in savings at the beginning of last year. Then Mike’s savings increased by 20% by the end of last year and decreased by 20% this year. John’s savings at first decreased by 20% by the end of last year and then increased by 20% this year. What percentage of John’s and Mike’s savings combined are John’s savings alone?
A. 25%
B. 40%
C. 50%
D. 75%
E. 96%
Kudos for a correct solution.
Percentage question calls for using the total amount of JOhna nd Mike be 100 $
For John ----> 100 * 0.8 * 1.2 ----> 96 $ (as there was a 20% decrease followed by a 20% increase)
For Mike ---> 100*1.2*0.8 ----> 96$ (as there was a 20% increase followed by a 20% decrease)
Thus % of JOhn's savings = 96 / (96+96) = 50%. Thus C is the correct answer.