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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

Minimum damage ≡ 50000 TK Payment above minimum damage ≡ 56000 - 50000 = 6000 TK Here,  20% of the rest of the damage ≡ 6000 TK So, total or 100% of the rest of the damage ≡ 6000 x 100 / 20 = 30000 TK So, total damage amount ≡ 50000 + 30000 = 80000 TK.

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