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1. 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?

A. Rs. 9025.20

B. Rs. 9200

C. Rs. 9600

D. Rs. 9560

Solution:

\begin{aligned} Required Money \\ = P .W . of Rs . 10028 due 9 months hence \\ = R s . [\frac{10028 \times 100}{100 + (12 \times \frac{9}{12})}] \\ = R s . 9200 \end{aligned}

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