Given :
The price of oil was USD 60.00 per barrel in September.
The price fell by one third from September to March.
To Find :
By what fraction must the March price per barrel rise to return to USD 60.00 .
Solution :
Price fell = ( 60 - 60÷3 ) = 60 - 20 = $40 .
Now, let x be the fraction by which price per barrel rise to return to USD 60.00 in March is x .
[tex]40 + 40x = 60\\\\40(1+x) = 60\\\\1 + x = \dfrac{3}{2}\\\\x = \dfrac{1}{2}[/tex]
Therefore, price should increase by fraction of 1/2 .
Hence, this is the required solution.
