The price of rice has increased by 60%. In order to restore the original price, the new price must be reduced by
37 ½%
To solve the problem, we need to find the percentage decrease required to return to the original price after a 60% increase in the price of rice. Let's follow the steps:
1. Assume the original price of rice is $100.
2. After a 60% increase, the new price of rice becomes:
New Price = Original Price + 60% of Original Price = $100 + (60/100) * $100 = $160
3. Let x% be the percentage reduction needed to bring the price back to $100.
4. The reduced price will be calculated as:
$160 - (x/100) * $160 = $100
5. Simplify to find x:
160 - 1.6x = 100
6. Rearrange the equation to solve for x:
1.6x = 160 - 100
1.6x = 60
x = 60 / 1.6
x = 37.5
7. Therefore, the percentage reduction needed is 37 ½%.
Thus, the correct answer is 37 ½%.
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