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:

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:
[A].

16	2	%
	3

[B].

14	1	%
	2

[C].

13	1	%
	3

[D].

15%

Answer: Option A

Explanation:

S.P. = 102% of Rs. 600 =		102	x 600		= Rs. 612.
		100

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

T.D. = Rs. (688.50 – 612) = Rs. 76.50.

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

Rate =		100 x 76.50	%	= 16%
		612 x 3 4