7. Read the following information carefully and answer the questions given below:
In the year 1996, a builder offered flats of covered area 2825 square feet each for Rs. 10,24,000. The response was very poor. In the year 1997, he offered the same flats for Rs. 8,32,000 each. Again, very few enquiries came and only ten flats were sold. In the year 1998, he offered the same flats for Rs. 6,76,000 each. This year he could sell 24 flats. But still 46 flats remained unsold. In the year 1999 he offered the same flats for Rs. 5,49,250 each. This year he could sell half of his total constructed flats. But still he couldn’t sell all the flats.
A person was observing the reduction in price and found a certain pattern in it. If the waits for the next reduction in year 2000, what price will the builder announce for each of the flats?