The value of the collection originally was $1,000,000
What was the original value of the collection?
The original value of the collection is not known, hence, it is represented by X
The increase in value by $50,000 means that the value is X+$50,000
Now, when the error was discovered, it is now worth half of the value previously
The new value is (X+$50,000)*0.5
New value=(X+$50,000)*0.5
The new value at this point is $525,000
$525,000=(X+$50,000)*0.5
$525,000/0.5=X+$50,000
$1,050,000=X+$50,000
X=$1,050,000-$50,000
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