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Select the correct answerA vehicle has an insurance of 4/5 of its original value.Premium on the vehicle at the rate of 1.3% amounts to Rs.910.What is the original value of the vehicle?Options9000087,500100000150000

Question

Select the correct answerA vehicle has an insurance of 4/5 of its original value.Premium on the vehicle at the rate of 1.3% amounts to Rs.910.What is the original value of the vehicle?Options9000087,500100000150000

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Solution

To solve this problem, we need to follow these steps:

  1. First, we need to understand that the premium is 1.3% of the insured value of the vehicle. So, if the premium is Rs. 910, we can write this relationship as: (1.3/100) * Insured Value = 910.

  2. Solving the above equation for Insured Value, we get: Insured Value = 910 / (1.3/100) = Rs. 70,000.

  3. But we know that the insured value is 4/5 of the original value of the vehicle. So, we can write this relationship as: Insured Value = (4/5) * Original Value.

  4. Substituting the Insured Value from step 2 into this equation, we get: 70,000 = (4/5) * Original Value.

  5. Solving for Original Value, we get: Original Value = 70,000 / (4/5) = Rs. 87,500.

So, the original value of the vehicle is Rs. 87,500.

This problem has been solved

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