Multiple choice

The price of a certain product increased by the same percent from 1960 to 1970 as from 1970 to 1980. If its price of $1.20 in 1970 was 150 percent of its price in 1960, what was its 1980 price?

  1. $1.80
  2. $2.00
  3. $2.40
  4. $2.70
  5. $3.00
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A Correct answer
Explanation

Price in 1970 = 1.20. 1970 price is 150% of 1960 price, so 1.20 = 1.5 * P1960, P1960 = 0.80. The growth rate from 1960 to 1970 is (1.20 - 0.80)/0.80 = 0.40/0.80 = 50%. Applying the same 50% increase to 1970 price: 1.20 * 1.5 = 1.80.

AI explanation

Let the price in 1960 be p. We are given that 1.20 = 1.5p, so p = 0.80. The percentage increase from 1960 to 1970 is ((1.20 - 0.80) / 0.80) * 100 = 50%. Applying the same 50% increase to the 1970 price of 1.20 gives a 1980 price of 1.20 * 1.50 = 1.80.

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