Guys see this question:
For what sum should goods worth Rs. 1150 be insured at 8% so that in case of loss the owner may recover the premium as well as the goods?
I can't understand the meaning of the question.
I don't want any hints or solutions, but just can someone explain me what to do?
Thanks for the help.
The way I read the question, you are declaring a value of $x$ on the insured goods. You are paying a premium of $0.08x$. When you claim you will get back exactly $x$ (the insured value). This amount should be equal to the cost of the goods (Rs $1150$) plus the premium paid. Can you set up the equation and solve it?