Banker's Discount Practice Test 2

Question : 39 of 40

Marks: +1, -0

Find the present worth of Rs 425 due 2 years hence, reclaiming simple interest at 3% perannum.

Solution:

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

PW={100×A}/{100+RT}

={100×425}/{100+3×2}=400.94

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