A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle

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?

Options:

A . Rs. 9025.20

B . Rs. 9200

C . Rs. 9600

D . Rs. 9560

Answer: Option B

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