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# The price of the car was Rs. 3 lakh fifty thousand and after three years its price goes up to Rs. 3 lakh eighty thousand, find the percentage increase in the price?

Last updated date: 20th Jun 2024
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Hint:
We start solving the problem by assigning variables to the new and old prices of the car. We then write the new and old prices in terms of numbers using the given price in words. We then recall the fact that the percentage increase in the price of car as $\%p=\dfrac{\text{New price}-\text{Old price}}{\text{Old price}}\times 100$ and then substitute the value in it. We then make the necessary calculations to get the required percentage of increase in the price of a car.

Let us assume the old price and new price as ${{p}_{1}}$ and ${{p}_{2}}$ .
So, we have ${{p}_{1}}=Rs.3,50,000$ and ${{p}_{2}}=Rs.3,80,000$ .
We know that the percentage increase in the price of car is defined as $\%p=\dfrac{\text{New price}\left( {{p}_{2}} \right)-\text{Old price}\left( {{p}_{1}} \right)}{\text{Old price}\left( {{p}_{1}} \right)}\times 100$ .
$\Rightarrow \%p=\left( \dfrac{3,80,000-3,50,000}{3,50,000} \right)\times 100$ .
$\Rightarrow \%p=\left( \dfrac{30,000}{3,50,000} \right)\times 100$ .
$\Rightarrow \%p=\left( \dfrac{3}{35} \right)\times 100$ .
$\Rightarrow \%p=8.57\%$ .
$\therefore$ We have found the percentage increase in the price of the car at 8.57%.