Question

Solve the following :

A cargo of grain is insured at `(3/4)`% to cover 70% of its value. ₹1,008 is the amount of premium paid. If the grain is worth ₹12 per kg, how many kg of the grain did the cargo contain?

Answer 1

Let the property value of cargo be ₹ x.
Since, cargo is insured to 70% of its value,
∴ Policy value = 70% of property value

= `(70)/(100) xx x`

= `₹ (7x)/(10)`

Rate of perimum = `(3)/(4)`%

Amount of perimum = ₹1.008.

∴ Amount od premium = `(3)/(4)`% of policy value

∴ 1,008 = `(3)/(4) xx (1)/(100) xx (7x)/(10)`

∴ x = `(1008  xx 4 xx 100 x 10)/(3 xx 7)`
∴ x = ₹1,,92,000
∴ Property value of cargo is ₹,92,000,
i.e., cargo contains grain of ₹1,92,000.
Price of grain is ₹12 per kg.

∴ Capacity of cargo = `"Value of cargo"/"Price of 1kg grain"`

= `(192,000)/(12)`
= 16,000 kgs
∴ Cargo contains 16,000 kgs of grains.