Question

The price of a gallon of milk increased by 7 cents this is represented a price increase of 2% what is the original price of milk

Answer 1

Because of the 2% increment, the new price of a gallon of milk is 102% of its original price; therefore, if x is such original cost

$\begin{gathered} x+0.07\rightarrow102\% \\ x\rightarrow100\% \end{gathered}$

As a ratio,

$\begin{gathered} \Rightarrow\frac{x+0.07}{102}=\frac{x}{100} \\ \Rightarrow100x+7=102x \\ \Rightarrow7=2x \\ \Rightarrow x=\frac{7}{2}=3.5 \end{gathered}$

Therefore, the original price is $3.5