Insurance company X gives 15% commission on total premium received to his agent but if insurance company Y gives 10% commission after premium of Rs 12000 and a fixed salary 5000 to his agent, then Company Y has to give Rs 800 more commission then company X. Find amount of premium, if premium received by both companies is same.
Answers
Given : Insurance company X gives 15% commission on total premium received to his agent but if insurance company Y gives 10% commission after premium of Rs 12000 and a fixed salary 5000 to his agent,
To find : if Company Y has to give Rs 800 more then company X then amount of premium
Solution:
Let say Premium Received = 100P Rs
Insurance company X gives 15% commission on total premium received to his agent
=> Commission Paid to agent X = (15/100)100P = 15P Rs
insurance company Y gives 10% commission after premium of Rs 12000 and a fixed salary 5000 to his agent
=> Agent Y got = 5000 + ( 10/100)(100P - 12000)
= 5000 + 10P - 1200
= 3800 + 10P Rs
Company Y has to give Rs 800 more then company X.
3800 + 10P = 15P + 800
=> 5P = 3000
=> P = 600
=> 100P = 60000
amount of premium = Rs 60000
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