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Mr. Rahman is insured completely for Tk. 50,000 of damages to his machinery. For any damage above Tk. 50,000 the insurance company will pay Tk. 50,000 plus 20% of the rest of the damage amount. For a recent accident, Mr. Rahman was paid Tk. 56,000 by the insurance company. What was the total amount of the damage estimated?

Mr. Rahman is insured completely for Tk. 50,000 of damages to his machinery. For any damage above Tk. 50,000 the insurance company will pay Tk. 50,000 plus 20% of the rest of the damage amount. For a recent accident, Mr. Rahman was paid Tk. 56,000 by the insurance company. What was the total amount of the damage estimated? Correct Answer Tk. 80,000

Insurance paid above limit = 56000 - 5000 = 6000 20% damage above limit = 6000 So, 100% damage above limit = 6000 x 100 / 20 = 30000 So, the total damage estimated = 50000 + 30000 = 80,000 TK.

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