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The cost of a property appreciates by 10% of the previous month every month. If in end march 2024 it was ₹ 13.31 lakh, when was it ₹ 10 lakh?

Solution

✅ Correct Option: 2

The property appreciates by 10% every month, meaning each month the value becomes 110% of the previous month's value.

New Value = Old Value × 1.10

The value at end March 2024 is ₹13.31 lakh. To find when it was ₹10 lakh, work backwards by dividing by 1.10 each month.


End March 2024: ₹13.31 lakh

End February 2024:

13.31÷1.1013.31 \div 1.10

=12.1= 12.1 lakh


End January 2024:

12.1÷1.1012.1 \div 1.10

=11= 11 lakh


End December 2023:

11÷1.1011 \div 1.10

=10= 10 lakh


The property value was ₹10 lakh at end December 2023.

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