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Category - Math Word Problems

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The wholesale price of a fountain pen is $2.80. What will the new price be if a 5% increase is instituted?
  1. $2.84
  2. $2.90
  3. $2.94
  4. $2.96
  5. $2.97
Explanation
Answer: $2.94. To find 5% of a number, first find 10%, then halve it. In this case, 10% of $2.80 is $0.28. Half of that is $0.14. Add the 14 cents to $2.80 to get $2.94.

Key Takeaway: Logical reasoning is critical with percent problems. Knowing how to manipulate numbers in relation to “friendly” numbers is important. For example, to find 5%, halve 10%. To find 20%, double 10%.
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