Correct Answer - Option 1 : 7,031.25
Given:
The ratio of the price of two bicycles was 7 : 8.
The price of the first has risen by 30%.
The price of the second increases by Rs.1,500.
The final ratio of their prices is 15 : 16.
Concept Used:
The increased value = (100 + percentage)/100 × Initial value
Calculation:
Let the price of first cycle be 7x.
Let the price of second cycle be 8x.
After 2 years, the price of first cycle = (100 + 30)/100 × 7x = 9.1x
After 2 years, the price of second cycle = 8x + 1500
According to the question;
The final ratio of their prices is 15 : 16.
⇒ 9.1x/(8x + 1500) = 15/16
⇒ 145.6x = 120x + 22500
⇒ 25.6x = 22500
⇒ x = 22500/25.6 = 5625/6.4
The price of second cycle = 8x = 8 × 5625/6.4 = Rs.7031.25
∴ The price of second cycle is Rs.7031.25.