12 multiple-choice questions, progressively harder.
A jacket that cost a store 200200200 dollars is marked up 20%20\%20%, then put on sale at 25%25\%25% off. What is the sale price, in dollars?
Solution
Correct answer: D
Multiply by 1.201.201.20 for the markup and 0.750.750.75 for the sale.
200×1.20×0.75=200×0.90=180200 \times 1.20 \times 0.75 = 200 \times 0.90 = 180200×1.20×0.75=200×0.90=180
After a 30%30\%30% discount, a tablet costs 210210210 dollars. What was the original price, in dollars?
Correct answer: B
A 30%30\%30% discount leaves 70%70\%70%, so 210210210 is 0.700.700.70 of the original. Divide to reverse it.
0.70 w=210 ⟹ w=2100.70=3000.70\,w = 210 \implies w = \frac{210}{0.70} = 3000.70w=210⟹w=0.70210=300
You invest 2,5002{,}5002,500 dollars at 6%6\%6% simple annual interest for 444 years. How much interest do you earn, in dollars?
Correct answer: A
Use I=PrtI = P r tI=Prt with P=2500P = 2500P=2500, r=0.06r = 0.06r=0.06, and t=4t = 4t=4.
I=2500×0.06×4=600I = 2500 \times 0.06 \times 4 = 600I=2500×0.06×4=600
A 15%15\%15% tip is added to a meal, giving a total of 464646 dollars. What was the meal before the tip, in dollars?
A tip multiplies the meal by 1+0.15=1.151 + 0.15 = 1.151+0.15=1.15, so divide the total by that factor.
1.15 w=46 ⟹ w=461.15=401.15\,w = 46 \implies w = \frac{46}{1.15} = 401.15w=46⟹w=1.1546=40
At what simple annual rate does 1,0001{,}0001,000 dollars grow to 1,2401{,}2401,240 dollars in 444 years?
Correct answer: C
The interest earned is 1240−1000=2401240 - 1000 = 2401240−1000=240. From I=PrtI = P r tI=Prt, solve r=IPtr = \frac{I}{P t}r=PtI.
r=2401000×4=2404000=0.06=6%r = \frac{240}{1000 \times 4} = \frac{240}{4000} = 0.06 = 6\%r=1000×4240=4000240=0.06=6%
How long does 4,0004{,}0004,000 dollars at 5%5\%5% simple interest take to earn 1,0001{,}0001,000 dollars, in years?
From I=PrtI = P r tI=Prt, solve for the time t=IPrt = \frac{I}{P r}t=PrI.
t=10004000×0.05=1000200=5t = \frac{1000}{4000 \times 0.05} = \frac{1000}{200} = 5t=4000×0.051000=2001000=5
After two equal successive discounts, a 400400400 dollar item drops to 324324324 dollars. What was each discount rate?
The overall factor is 324400=0.81\frac{324}{400} = 0.81400324=0.81, and it is one factor applied twice. Since 0.90×0.90=0.810.90 \times 0.90 = 0.810.90×0.90=0.81, each factor is 0.900.900.90.
1−0.90=0.10=10%1 - 0.90 = 0.10 = 10\%1−0.90=0.10=10%
So each discount was 10%10\%10%.
A 250250250 dollar bond earns 8%8\%8% simple annual interest. What is its value after 333 years, in dollars?
The interest is I=Prt=250×0.08×3=60I = P r t = 250 \times 0.08 \times 3 = 60I=Prt=250×0.08×3=60, and the value is P+IP + IP+I.
250+60=310250 + 60 = 310250+60=310
The number 848484 is 120%120\%120% of what number?
Here 848484 is the part and the rate is 120%=1.20120\% = 1.20120%=1.20. Solve r w=pr\,w = prw=p by dividing.
1.20 w=84 ⟹ w=841.20=701.20\,w = 84 \implies w = \frac{84}{1.20} = 701.20w=84⟹w=1.2084=70
What simple annual interest rate turns 600600600 dollars into 690690690 dollars in 333 years?
The interest is 690−600=90690 - 600 = 90690−600=90. From I=PrtI = P r tI=Prt, solve r=IPtr = \frac{I}{P t}r=PtI.
r=90600×3=901800=0.05=5%r = \frac{90}{600 \times 3} = \frac{90}{1800} = 0.05 = 5\%r=600×390=180090=0.05=5%
A television is 35%35\%35% off, saving 140140140 dollars. What was the original price, in dollars?
The saving is 35%35\%35% of the original, so it is the part with rate 0.350.350.35. Solve for the whole.
0.35 w=140 ⟹ w=1400.35=4000.35\,w = 140 \implies w = \frac{140}{0.35} = 4000.35w=140⟹w=0.35140=400
A 60,00060{,}00060,000 dollar salary gets successive raises of 10%10\%10% then 5%5\%5%. What is the new salary, in dollars?
Multiply by 1.101.101.10 and then 1.051.051.05.
60000×1.10×1.05=66000×1.05=6930060000 \times 1.10 \times 1.05 = 66000 \times 1.05 = 6930060000×1.10×1.05=66000×1.05=69300
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