Question : The price of a house increases every year by 20%. If the current price is Rs. 7,20,000, then what was its price (in Rs.) 2 years ago?
Option 1: 5,00,000
Option 2: 5,50,000
Option 3: 4,50,000
Option 4: 5,80,000
Correct Answer: 5,00,000
Solution :
Present Price = 7,20,000
Let the price 2 years ago be $x$
⇒ Price 1 year ago = x + 0.2$x$ = 1.2$x$
⇒ Price now = 1.2$x$ + 0.2 × 1.2$x$ = 1.44$x$
Therefore, 1.44$x$ = 7,20,000
v = $\frac{720000}{1.44}$ = 5,00,000
Hence, the correct answer is 5,00,000.
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