The price of kerosene increases by 10% every year. If the current price of kerosene is ₹50 per litre, then what will be the price of kerosene per litre after 2 years?
Answer & explanation
Correct answer: option 2
Current price of oil = 50
New price after 2 years = 50 × \(\frac{100+10}{100}\) × \(\frac{100+10}{100}\)
= 50 × \(\frac{110}{100}\) × \(\frac{110}{100}\)
= 60.5