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Find the present worth of Rs. 264 due in 2 years reckoning simple interest at 5 percent per annum?

Rs. 240
Rs. 360
Rs. 540
Rs. 260

Correct Answer: Rs. 240

Explanation:

P.W. = (100 x 264) / (100 + 5 x 2)
= Rs. (100 x 264) / 110
= Rs. 240.

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