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Question 53

The present worth of a bill due 7 months hence is ₹1200. If the bill were due at the end of 2 $$\frac{1}{2}$$yr, Its present worth would be Z ₹1016. What is the rate per cent of the bill?

Solution

Since,

S.I. = Principal∗Rate∗Time/100

Therefore, 1200 + 1200∗7∗r/12∗100 = Amount (A)

1200 + 7r = A .........(i)

and 1016 + 1016∗5∗r/2∗100 = A

Therefore, 1016 + 25.4r = A ...(ii)

1016 + 25.4r = 1200 + 7r

So,

25.4r - 7r = 1200 - 1016

18.4r = 184

r = 184/18.4

= 10% per annum

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