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Question
The income of an agent remains unchanged though the rate of commission is increased from 5% to 6.25%. Find the percentage reduction in the value of business.
Solution
Let the initial value of the business be ₹ 100
∴ Original income of the agent = ₹ 5
Let the new value of the business be ₹ x
∴ New income of the agent
`= "x" xx 6.25/100`
`= "x"/100 xx 625/100`
`= "x"/16`
Now original income = new income (Given)
`5 = "x"/16`
x = 80
∴ New value of the business = ₹ 80
∴ There is 20% reduction in the value of the business.
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