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The price of a commodity increased by 5% from 2010 to 2011, 8% from 2011 to 2012 and 77% from 2012 to 2013. What is the average price increase (approximate) from 2010 to 2013 ?
  • a)
    26%
  • b)
    32%
  • c)
    24%
  • d)
    30%
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
The price of a commodity increased by 5% from 2010 to 2011, 8% from 20...
Given:
The price of a commodity increased by 5% from 2010 to 2011, 8% from 2011 to 2012 and 77% from 2012 to 2013. 
Formula used:
Average = Sum of observations/Number of observations
Calculation:
According to the question
The average price increases from 2010 to 2013 = (5 + 8 + 77)/3
⇒ (90/3)%
⇒ 30%
∴ The required average is 30%.
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Most Upvoted Answer
The price of a commodity increased by 5% from 2010 to 2011, 8% from 20...
Calculation of average price increase:

To calculate the average price increase from 2010 to 2013, we need to find the total percentage increase over the three-year period and then divide it by 3.

Step 1: Calculate the percentage increase for each year:

- From 2010 to 2011: 5%
- From 2011 to 2012: 8%
- From 2012 to 2013: 77%

Step 2: Calculate the total percentage increase:

To find the total percentage increase, we need to add up the percentage increases for each year.

Total percentage increase = 5% + 8% + 77% = 90%

Step 3: Calculate the average percentage increase:

To find the average percentage increase, we need to divide the total percentage increase by the number of years (3).

Average percentage increase = Total percentage increase / Number of years

Average percentage increase = 90% / 3 = 30%

Therefore, the average price increase from 2010 to 2013 is approximately 30%.

Conclusion:

The correct option is D) 30%.
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The price of a commodity increased by 5% from 2010 to 2011, 8% from 2011 to 2012 and 77% from 2012 to 2013. What is the average price increase (approximate) from 2010 to 2013 ?a)26%b)32%c)24%d)30%Correct answer is option 'D'. Can you explain this answer?
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