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A shop raising a 50 rupee item by 3% next year will price it at:
A51.00
B51.50
C50.30
D53.00
Answer & Solution
Correct answer: B. 51.50
1. Three per cent of 50 is 1.50.
2. Add it to the current price.
3. The new price is 51.50.
_Source: OpenStax Principles of Finance 2e, Chapter 7, Time Value of Money I._
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