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The production of steel in an economy follows a certain fixed pattern from 2021 onwards. Starting from 2022, it increases every year by 15% for two consecutive years, while it decreases by 12% in the third year. It then increases again by 15% every year for two consecutive years, while it decreases by 12% in the third year. If we take the end of 2024 as the base year, then what will be the percentage increase in the production by the end of 2028 (to the closest percent)?
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The production of steel in an economy follows a certain fixed pattern ...
Understanding the problem:

  • The production of steel in an economy follows a fixed pattern from 2021 onwards.

  • Starting from 2022, it increases every year by 15% for two consecutive years.

  • It decreases by 12% in the third year.

  • It then increases again by 15% every year for two consecutive years.

  • It decreases by 12% in the third year.

  • The base year is the end of 2024.

  • We need to find the percentage increase in production by the end of 2028.


Solution:

  • Calculate the production of steel at the end of each year from 2021 to 2028.

  • Calculate the percentage increase or decrease in production each year.

  • Find the total percentage increase in production from the end of 2024 to the end of 2028.

  • Round off the final answer to the closest percent.


Calculations:
Let the production of steel at the end of 2024 be 100 units.

Production of steel at the end of each year from 2021 to 2028:


  • 2021: 0 units (given)

  • 2022: 115 units (15% increase from 2021)

  • 2023: 132.8 units (15% increase from 2022)

  • 2024: 123.9 units (12% decrease from 2023)

  • 2025: 141.7 units (15% increase from 2024)

  • 2026: 163.4 units (15% increase from 2025)

  • 2027: 152.0 units (12% decrease from 2026)

  • 2028: 174.8 units (15% increase from 2027)


Percentage increase or decrease in production each year:


  • 2021 to 2022: 11500%

  • 2022 to 2023: 15.65%

  • 2023 to 2024: -6.67%

  • 2024 to 2025: 14.31%

  • 2025 to 2026: 15.39%

  • 2026 to 2027: -6.99%

  • 2027 to 2028: 14.87%


Total percentage increase in production from the end of 2024 to the end of 2028:

=(141.7/123.9) x (163.4/141.7) x (174.8/152.0) x 100 - 100

= 56.7%

Answer:
The percentage increase in production by the end of 2028, to the closest percent, is 57%.
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The production of steel in an economy follows a certain fixed pattern from 2021 onwards. Starting from 2022, it increases every year by 15% for two consecutive years, while it decreases by 12% in the third year. It then increases again by 15% every year for two consecutive years, while it decreases by 12% in the third year. If we take the end of 2024 as the base year, then what will be the percentage increase in the production by the end of 2028 (to the closest percent)?
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The production of steel in an economy follows a certain fixed pattern from 2021 onwards. Starting from 2022, it increases every year by 15% for two consecutive years, while it decreases by 12% in the third year. It then increases again by 15% every year for two consecutive years, while it decreases by 12% in the third year. If we take the end of 2024 as the base year, then what will be the percentage increase in the production by the end of 2028 (to the closest percent)? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about The production of steel in an economy follows a certain fixed pattern from 2021 onwards. Starting from 2022, it increases every year by 15% for two consecutive years, while it decreases by 12% in the third year. It then increases again by 15% every year for two consecutive years, while it decreases by 12% in the third year. If we take the end of 2024 as the base year, then what will be the percentage increase in the production by the end of 2028 (to the closest percent)? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The production of steel in an economy follows a certain fixed pattern from 2021 onwards. Starting from 2022, it increases every year by 15% for two consecutive years, while it decreases by 12% in the third year. It then increases again by 15% every year for two consecutive years, while it decreases by 12% in the third year. If we take the end of 2024 as the base year, then what will be the percentage increase in the production by the end of 2028 (to the closest percent)?.
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