Gagan bought a plot of land for 2,35,000/-. He built a boundary wall around the plot and leveled the land and sold it for 35,00,000/-, thus making a profit of 40% on his investment. How much did he spend as overhead charges?
Given :
The cost price of the land $=$ Rs. 2,35,000.
The selling price of the land $=$ Rs. 35,00,000.
Profit made $= 40$%.
To do :
We have to find the overhead charges he spent.
Solution :
Let the overhead charges incurred be Rs. P.
Final cost of the land for Gagan $= Rs. (2,35,000 + P)$.
This implies,
$35,00,000 = \frac{40}{100} (2,35,000+P) + (2,35,000+P)$
$35,00,000 = (2,35,000+P) (\frac{40}{100}+1)$
$35,00,000 = (2,35,000+P) (\frac{140}{100})$
$35,00,000 \times 100 = (2,35,000+P) \times 140$
$35,00,00,000 = 3,29,00,000 + 140P$
$140P = 35,00,00,000 - 3,29,00,000$
$140P = 31,71,00,000$
$P = \frac{317100000}{140}$
$P = 22,65,000$.
Therefore, the overhead charges spent is Rs. 22,65,000.
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