Arun bought a car for ₹3,50,000. After one year, the price went up to ₹3,70,000. What was the percentage of the price increase?

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557 %

457 %

257 %

657 %

answer is A.

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Detailed Solution

From the given data, we have,
Initial price of the car = ₹3,50,000.
Final Price of the car = ₹3,70,000.
Therefore, we have,
Price increase = Final Price - Initial Price
= 370000 – 350000
= 20000
We know that,

% i n c r e a s e i n p r i c e = P r i c e i n c r e a s e I n i t i a l p r i c e × 100 %

= 20000350000 × 100 % = 200003500 %

= 20035 % = 407 % = 557 %

Therefore, the percentage of the price increase was

557 % .

Hence, option (1) is correct.

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