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Question
The present worth of ₹ 11,660 due 9 months hence is ₹ 11,000. Find the rate of interest.
Solution
Sum due = ₹ 11,660, Present worth = ₹ 11,000.
n = `9/12` years
True discount = Sum due – Present worth
= 11,660 - 11,000
= 660
True discount = `("P.W." xx "n" xx "r")/100`
`660 = (11,000 xx 9/12 xx "r")/100`
`660 xx 100 = 11,000 xx 9/12 xx "r"`
∴ r = `(660 xx 100 xx 12)/(11,000 xx 9)`
∴ r = 8%
∴ The rate of interest is 8% p.a.
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