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M70-14

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Joined: 02 Sep 2009
Posts: 50712

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03 Sep 2018, 02:56
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In 2010 the price of an ounce of gold rose by 20%, and in 2011 it decreased by $$x\%$$. If at the beginning of 2010 the price was $1,000 and at the end of 2011 the price was$960, what is $$x$$?

A. 4
B. 16
C. 20
D. 24
E. 30

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Math Expert
Joined: 02 Sep 2009
Posts: 50712

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03 Sep 2018, 02:56
Official Solution:

In 2010 the price of an ounce of gold rose by 20%, and in 2011 it decreased by $$x\%$$. If at the beginning of 2010 the price was $1,000 and at the end of 2011 the price was$960, what is $$x$$?

A. 4
B. 16
C. 20
D. 24
E. 30

We’ll go for ALTERNATIVE since we can use the answers to solve the question.

We know that the price of gold started at $1,000 at the beginning of 2010 and rose 20% during that year. So it rose to$1,200 by the end of 2010/beginning of 2011. Using the answers, let’s find by what percentage $1,200 decreased to get to$960. We’ll start with (C), as it is both the median and seems easy to calculate: 20% of \$1,200 = 1,200/5 = 240 → 1,200 – 240 = 960. We have our answer! No need to check any other answers.

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Re M70-14 &nbs [#permalink] 03 Sep 2018, 02:56
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M70-14

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