A property dealer charges 2% comission from a buyer or a seller of property. If Mr. Ram Lal paid ₹ 20,000 as a comission for purchasing a flat, what was the value of the flat?
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Let the cost of the flat be 'X'.
The commission charged is = 2% and it is equal to Rs.20,000.
So, 0.02(2/100)*X = 20,000.
Therefore, X = 20,000/0.02
So the price of flat (or X) = Rs.10,00,000.
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