Question
A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest 12% per annum, how much cash should he pay?
Answer: Option B
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Required money = P.W. of Rs. 10028 due 9 months hence
= Rs. \(\left[\frac{10028\times100}{100+\left(12\times\frac{9}{12}\right)}\right]\)
= Rs. 9200.
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