Question

Mrs imran owns two plots of equal worth. The property tax rate is 2%.if she paid Rs 15000 as the property tax last year, what is the value of each plot owned by her

Answer 1

The value of each plot owned by Mrs imran is Rs 750000

Solution:

Given, Mrs imran owns two plots of equal worth.  

The property tax rate is 2%.  

She paid Rs 15000 as the property tax last year,  

We have to find what is the value of each plot owned by her?

Now let the worth of each plot be n. then total worth is 2n

She paid 2% of total worth = 15000  

⇒ 2% of 2n = 15000

Solving the above expression, we get,

$\begin{array}{l}{\rightarrow \frac{2}{100} \times n=15000} \\\\ {\rightarrow n=\frac{100}{2} \times 15000} \\\\ {\rightarrow n=50 \times 15000=750000}\end{array}$

Hence, the value of each plot is Rs 750000.

Answer 2

Answer:

Rs 375,000

Step-by-step explanation:

If she paid Rs 15000 as the property tax last year and the two plots are of equal worth, it means that the tax she paid on one of the properties

= Rs 15000/2

= Rs 7500

Given that the property tax is at 2%, let the worth of one plot be T, it means that

2% * T = 7500

T = 7500/2 *100

= Rs 375,000