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UI Post-UTME Mathematics 2018 (Model questions) Question 24

Question 24

Commercial Arithmetic

In a certain year, a new bed cost ₦16,000. If the rate of inflation was 50% for the next two years, what would the same bed cost at the end of this period

  1. A.₦35,000
  2. B.₦36,000
  3. C.₦36,700
  4. D.₦37,000
Show the answer and explanation

Answer: B (₦36,000)

Explanation

Each year the price rises by half: 16,000 → 24,000 → ₦36,000.