Question

3% commission on the sale of the property is Rs. 42,660. What is the total value of the property?
(a)Rs. 14,00,100
(b) Rs. 14,00,000
(c) Rs. 10,22,000
(d) Rs. 14,22,000

Answer 1

Hint: Let us take the total value of the property to be x. Then commission on the sale of the property can be taken as 3% of x, which is given in the question as Rs. 42,660.

Complete step-by-step answer:
Before proceeding to the question, we must know how to deal with the questions involving the concept of percentage. Percentage means parts per 100, like for example, 10% means $\dfrac{10}{100}$ and 25% means $\dfrac{25}{100}$.
In this question, we have been given that the commission percentage on the sale of a property is 3% and the amount is Rs. 42,660. We have to find the total value of the property.
Let us assume the total value of the property to be x.
As it is mentioned, 3% commission on the sale of the property is Rs. 42,660. So, we can use the knowledge of percentages and apply the same here.
Therefore, we can write the given information in the form of an equation as shown below,
3% of x = 42,660
As we know that percentage means parts per hundred, we can write 3% as in the equation below,
$\therefore \dfrac{3}{100}\times x=42,660$
After cross-multiplying we get,
$\Rightarrow 3x=42,660\times 100$
Taking constants on right-hand-side and variables on left-hand-side we get,
$\Rightarrow x=\dfrac{42,660\times 100}{3}$
After the cancellation we get,
$\Rightarrow x=14,22,000$
Therefore, we have found out the total value of the property as Rs. 14,22,000.
Hence, the correct answer is option (d).

Note: One must remember that percentage is always found in terms of hundred, as the definition of percentage is parts per hundred. This is a very basic question which can be solved by using the concept of percentages. The only mistake that can be done here is that reading the question wrongly and taking 3% of Rs. 42,660 as the total value of the property.