Banker's Discount Practice Test 1

Question : 23 of 40

Marks: +1, -0

Find the present worth of Rs 400 due 3 years hence, reclaiming simple interest at 2% per annum.

Solution:

A = Sum, R = Rate per cent per annum, T = Time in years

PW={100×A}/{100+RT}

={100×400}/{100+2×3}

=377.35

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