14.The rise in prices of a certain commodity was 5% in 1954, 8%in 1955 and 77% in 1956. It is said that the average price rise between1954-56 was 26% and not 30%. Justify the statement and show how youwould explain it to a layman.

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Answered: 14. The rise in prices of a certain…

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.S: Summary

Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?

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32. In 2004 for working class people wheat was selling at an average price of Rs. 16 per 20 kg, cloth at Rs. 2 per metre, house rent Rs. 30 per house and other items at Rs. 10 per unit. By 2005 cost of wheat rose by Rs. 4 per 20 kg., house rent by Rs. 15 per house and other items doubled in price. The working class cost of living index for the year 2005 (with 2004 as base) was 160. By how much the cloth rose in price during the period? (А) Rs. 1.30 (B) Rs. 1.20 (C) Rs. 1.70 (D) Rs. 0.90

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14. The rise in prices of a certain commodity was 5% in 1954, 8% in 1955 and 77% in 1956. It is said that the average price rise between 1954-56 was 26% and not 30%. Justify the statement and show how you would explain it to a layman.