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Due to inflation, the price of a loaf of bread has increased by 5%. How much does the loaf of bread cost now, when its price was $2.40 last year?
- a)3.54
- b)2.52
- c)5.52
- d)6.54
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Due to inflation, the price of a loaf of bread has increased by5%. How...
We calculate the price increase as 5% ⋅ $2.40. We have
5% ⋅ 2.40 = 0.05 ⋅ 2.40 = 0.1200 = 0.12
We must add the price increase to the old price.
2.40 + 0.12 = 2.52
The new price is, therefore, $2.52
5% ⋅ 2.40 = 0.05 ⋅ 2.40 = 0.1200 = 0.12
We must add the price increase to the old price.
2.40 + 0.12 = 2.52
The new price is, therefore, $2.52
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Community Answer
Due to inflation, the price of a loaf of bread has increased by5%. How...
Given:
- Price of a loaf of bread last year = $2.40
- Inflation rate = 5%
To find:
- The current cost of the loaf of bread
Solution:
Step 1: Calculate the increase in the price of the loaf of bread
- Increase = (Inflation rate/100) * Price of the loaf of bread last year
- Increase = (5/100) * $2.40
- Increase = $0.12
Step 2: Calculate the current cost of the loaf of bread
- Current cost = Price of the loaf of bread last year + Increase
- Current cost = $2.40 + $0.12
- Current cost = $2.52
Therefore, the current cost of the loaf of bread is $2.52.
Hence, the correct answer is option B) $2.52.
- Price of a loaf of bread last year = $2.40
- Inflation rate = 5%
To find:
- The current cost of the loaf of bread
Solution:
Step 1: Calculate the increase in the price of the loaf of bread
- Increase = (Inflation rate/100) * Price of the loaf of bread last year
- Increase = (5/100) * $2.40
- Increase = $0.12
Step 2: Calculate the current cost of the loaf of bread
- Current cost = Price of the loaf of bread last year + Increase
- Current cost = $2.40 + $0.12
- Current cost = $2.52
Therefore, the current cost of the loaf of bread is $2.52.
Hence, the correct answer is option B) $2.52.
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