Daksh buys a plot for Rs. 700,000,0. He sells $\frac{3}{8}$ of the plot at a loss of 6%. At what price he should sell the remaining plot so that he gains 8% on the money invested in the plot?
Given:
Daksh buys a plot for Rs 7000000
He sells $\frac{3}{8}$ of plot at a loss of 6%.
To do: To find at what price he should sell the remaining plot so that he gains 8% on the money invested in the plot
Solution:
Cost price of plot=₹70,00,000
Cost of $\frac{3}{ 8}$ part of plot :
$C.P_1=\frac{ 3}{8}\times70,00,000$
=$ ₹2625000$
Selling price of $\frac{3}{8}$ part of plot :
$S.P_1 = C.P_1 - 6% of C.P_1$
=$2625000 - 6% of 2625000$
=$2625000 - 0.06 \times 2625000$
=$26,25,000 - 15,7500$
=$₹24,67,500$
Remaining part of plot = $1 - \frac{ 3}{8 } = \frac{5}{ 8}$
He has to gain 8% on the money invested in the plot.
Selling price of entire plot to gain 8% :
=$70,00,000 + 8% of 70,00,000$
=$₹ 75,60,000$
Selling price of remaining plot to gain 8% on the plot :
$S.P_2= ₹75,60,000 - S.P \ of \ \frac{3}{ 8}$ part of the plot
=$75,60,000 - ₹24,67,500$
=$₹50,92,500$
Therefore, the remaining plot should be sold at =$₹50,92,500$
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