Manish sells a parcel of land for ₹2,20,000 after giving a rebate of 45% on its original listed price. What was the original valuation of the land before the rebate was applied?
Show answer & explanation
Correct answer: C
Explanation
Given:
Discount = 45%
Selling Price = ₹2,20,000
According to the formula:
Selling Price = Marked Price × (100 − Discount%) / 100
2,20,000 = MP × 55/100
MP = 2,20,000 × 100 / 55
MP = ₹4,00,000