Question
A businessman bought goods for Rs 1050 and sold them on
the same day for Rs 1228.5 on credit for 10 months, thus earning a profit of 4%. Find the rate of interest per annum.Solution
Given-CP=1050 SP=1228.5 Profit =1228.5-1050=178.5 Earning =1050×4/100 =42rs Interest =178.5-42=136.5 Rate=interest ×100/PT =136.5×100×12/1050×10 =163800/10500 =15.6%
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