Twenty members of a group contributed sh 80000 each to buy a piece of land. They already had sh 120000 in a bank out of which sh 20000 was to remain in the bank and the rest spent in buying the price of land. How much did the piece of land cost?
landcost=20*80000+120000-20000
check that , I get 1700000
My answer is 10000
To find out the cost of the piece of land, let's break down the given information:
1. The group had sh 120,000 in a bank account.
2. Out of the sh 120,000, sh 20,000 was meant to remain in the bank.
3. The rest of the money was used to purchase the land.
4. There are 20 members in the group, and each contributed sh 80,000.
To calculate the cost of the land, we need to subtract the amount remaining in the bank (sh 20,000) from the total amount the group had (sh 120,000). This will give us the total amount used to purchase the land.
sh 120,000 - sh 20,000 = sh 100,000
So, the group used sh 100,000 to buy the land.
To determine the cost of the land, we divide the total amount used to purchase the land (sh 100,000) by the number of members (20).
sh 100,000 ÷ 20 = sh 5,000
Therefore, the piece of land cost sh 5,000.