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1. The present worth of Rs. 1404 due in two equal half-yearly installments at 8% per annum simple interest is:

A. Rs. 1325

B. Rs. 1300

C. Rs. 1350

D. Rs. 1500

Solution:

Required sum
= P.W. of Rs. 702 due 6 months + P.W. of Rs. 702 due 1 year hence

\begin{aligned} = R s . [\frac{100 \times 702}{100 + 8 \times \frac{1}{2}} + \frac{100 \times 702}{100 + (8 \times 1)}] \\ = R s . (675 + 650) \\ = R s . 1325 \end{aligned}

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