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GMAT Practice Question (One of Hundreds)
If the price of a dress is raised by 50%, lowered by 30%, and then lowered by 20%, what is the overall percent change in the price?
Correct Answer: B
Assume the dress costs $100 and perform the subsequent adjustments. Compare the final price with $100.
- For simplicity, we may assume that the dress cost $100. We choose $100 because 100 is an excellent number to use when working with percents.
- Raising the price by 50% is the same as multiplying by:
(100+50)/100 = 150/100 = 3/2
100(3/2) = 150
- Similarly, lowering the price by 30% can be done by multiplying the new price by:
(100-30)/100 = 70/100 = 7/10
150(7/10) = 135
- Finally, we multiply this price by:
(100-20)/100 = 80/100 = 4/5
135(4/5) = 84
- To find the percent change we subtract the original price from the final price and divide the difference by the original price and multiply by 100 to get a percent.
((84-100)/100)*(100%) = -16%
- The answer is B
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