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1. 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:

A. $16 \frac{2}{3}$ %

B. $14 \frac{1}{2}$ %

C. $13 \frac{1}{3}$ %

D. 15%

Solution:

\begin{aligned} S .P . = 102 % o f R s . 600 \\ = \frac{102}{100} \times 600 \\ = R s . 612 \\ Now, \\ P .W . = Rs . 612 and sum = R s . 688.50 \\ ∴ T .D . = R s . (688.50 - 612) \\ = R s . 76.50. \\ Thus, S .I . on Rs . 612 for 9 months is Rs . 76 .50 . \\ ∴ Rate = (\frac{100 \times 76.50}{612 \times \frac{3}{4}}) % \\ = 16 \frac{2}{3} % \end{aligned}

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