Mr Priyantha's house which lies within the limits of a certain municiple council which charges. 4% ofthe assessed annual value of the property as rates, has to pay quartely rate of Rs. 560.(i) How much Mr. Priyantha has to be paid as rate for a year.(ii) What is the assessed annual value of Mr. Priyantha's house.
Question
Mr Priyantha's house which lies within the limits of a certain municiple council which charges. 4% ofthe assessed annual value of the property as rates, has to pay quartely rate of Rs. 560.(i) How much Mr. Priyantha has to be paid as rate for a year.(ii) What is the assessed annual value of Mr. Priyantha's house.
Solution
(i) Since Mr. Priyantha pays a quarterly rate of Rs. 560, to find out how much he pays annually, we need to multiply this amount by 4 (since there are 4 quarters in a year).
So, Rs. 560 * 4 = Rs. 2240.
Therefore, Mr. Priyantha has to pay Rs. 2240 as rate for a year.
(ii) The municipal council charges 4% of the assessed annual value of the property as rates. Since we know that this amount is Rs. 2240 (from the previous calculation), we can find out the assessed annual value by dividing the annual rate by 4% (or 0.04 in decimal form).
So, Rs. 2240 / 0.04 = Rs. 56,000.
Therefore, the assessed annual value of Mr. Priyantha's house is Rs. 56,000.
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