Goods were bought for Rs. 600 and sold the same for Rs. 688.50 at a credit of 9

Question

Goods were bought for Rs. 600 and sold the same for Rs. 688.50 at a credit of 9 months and thus gaining 2% The rate of interest per annum is:

Options:

A . \(16\frac{2}{3}\) %

B . \(14\frac{1}{2}\) %

C . \(13\frac{1}{3}\) %

D . 15%

Answer: Option A

S.P. = 102% of Rs. 600 = \(\left(\frac{102}{100}\times600\right)\) = Rs. 612.

Now, P.W. = Rs. 612 and sum = Rs. 688.50.

So, T.D. = Rs. (688.50 - 612) = Rs. 76.50.

Thus, S.I. on Rs. 612 for 9 months is Rs. 76.50.

So, Rate = \(\left(\frac{100\times76.50}{612\times\frac{3}{4}}\right)\) % = \(16\frac{2}{3} \) %

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