The banker's gain of a sum due 8 yr. hence at 24% per annum, is ₹ 144. Find the present worth of that bill?
Correct Answer: ₹ 39.06
Explanation:
Given that BG = ₹ 144 , R = 24%
T = 8 yr and PW = ?
According to the formula,
PW = BG x [100/(R x T)]2
= 144 x [100/(24 x 8)]2
= 144 x (100/192) x (100/192)
= ₹ 39.06
