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If a student receives an award of $500 for achieving the highest score in mathem

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Question: If a student receives an award of $500 for achieving the highest score in mathematics, and this amount is increased by 20% in the next year, what will be the new award amount? (2021)

Options:

  1. $600
  2. $550
  3. $500
  4. $650

Correct Answer: $600

Exam Year: 2021

Solution: 

New amount = 500 + (20/100) * 500 = 500 + 100 = $600

If a student receives an award of $500 for achieving the highest score in mathem

Practice Questions

Q1
If a student receives an award of $500 for achieving the highest score in mathematics, and this amount is increased by 20% in the next year, what will be the new award amount? (2021)
  1. $600
  2. $550
  3. $500
  4. $650

Questions & Step-by-Step Solutions

If a student receives an award of $500 for achieving the highest score in mathematics, and this amount is increased by 20% in the next year, what will be the new award amount? (2021)
  • Step 1: Start with the original award amount, which is $500.
  • Step 2: Calculate 20% of the original amount. To do this, multiply 500 by 20 and then divide by 100: (20/100) * 500 = 100.
  • Step 3: Add the 20% amount (which is $100) to the original award amount ($500). So, $500 + $100 = $600.
  • Step 4: The new award amount after the increase is $600.
  • Percentage Increase – Understanding how to calculate a percentage increase on a given amount.
  • Basic Arithmetic – Applying basic addition and multiplication to find the new amount.
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