The price of a car is Rs. 3.25 lakhs. It was insured to 85% of its price. The car was damaged in an accident and the insurance company paid 90% of the insurance. What was the difference between the price of the car and the amount received?Choices:- 32500 48750 76375 81250
Question
The price of a car is Rs. 3.25 lakhs. It was insured to 85% of its price. The car was damaged in an accident and the insurance company paid 90% of the insurance. What was the difference between the price of the car and the amount received?Choices:- 32500 48750 76375 81250
Solution
Step 1: Calculate the insurance amount of the car. The car was insured to 85% of its price. So, the insurance amount = 85% of Rs. 3.25 lakhs = 0.85 * 3.25 = Rs. 2.7625 lakhs.
Step 2: Calculate the amount paid by the insurance company. The insurance company paid 90% of the insurance. So, the amount paid = 90% of Rs. 2.7625 lakhs = 0.9 * 2.7625 = Rs. 2.48625 lakhs.
Step 3: Calculate the difference between the price of the car and the amount received. The difference = Price of the car - Amount received = 3.25 - 2.48625 = Rs. 0.76375 lakhs.
So, the difference between the price of the car and the amount received is Rs. 0.76375 lakhs or Rs. 76375. Therefore, the correct answer is 76375.
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