Stock worth Rs. 4,00,000 is insured for Rs. 2,25,000. If agent's commission is Rs. 2,400 at the rate of 12%, then the amount of premium paid ____
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Given : Stock worth Rs. 4,00,000 is insured for Rs. 2,25,000.
Agent's commission is Rs. 2,400 at the rate of 12%,
To Find : the amount of premium paid
Solution:
Assume that amount of premium paid = Rs X
Agent's commission is 12%
Hence Agent commission = (12/100)X = 0.12X Rs
Agent's commission = Rs 2400
Equate Agent's commission
0.12X = 2400
=> 12X = 240000
=> X = 20000
Hence amount of premium paid is Rs 20000
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