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An apartment was purchased in 2013 for Rs. 10 lakh and was given on rent for two years at a monthly rent of Rs. 12000. After two years, at what price should the apartment be sold to ensure a 30% profit on the purchase price?

An apartment was purchased in 2013 for Rs. 10 lakh and was given on rent for two years at a monthly rent of Rs. 12000. After two years, at what price should the apartment be sold to ensure a 30% profit on the purchase price? Correct Answer Rs. 1012000

Given: 

An apartment was purchased in 2013 for Rs. 10 lakh and was given on rent for two years at a monthly rent of Rs. 12000.

Calculation:

30% profit = 130/100

⇒ 10 : 13

Apartment was purchased for 10 lakh

⇒ 10 unit = 1000000

⇒ 1 unit = 100000

⇒ CP : SP = 100000 : 1300000

Apartment was given on rent for two years at a monthly rent of Rs. 12000

⇒ 12000 × 24

⇒ 288000

⇒ 1300000 - 288000 = Rs. 1012000

∴ Rs. 1012000 the apartment should be sold to ensure 30% profit.

 

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