Bunuel wrote:

The price of a left-handed widget increased 20 percent in 1981 and 10 percent in 1982. By approximately what percent would the price at the end of 1982 have to be decreased to restore the price of the widget to its pre-1981 price?

(A) 40%

(B) 35%

(C) 30%

(D) 26%

(E) 24%

Assume the price of the left-handed widget to be $100 before 1981.

In 1981 the price went up by 20% and the price went up by 20% in 1982

The cost of the left-handed widget in 1982 is 1.1*(1.2(100)) = $132

In order to restore the price to its pre-1981 price, we would need to

bring down the cost of $32, which is a decrease of \(\frac{32}{132}*100 = \frac{3200}{132} = 24\)%

(Option E)
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