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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:

16 2 % 3
14 1 % 2
13 1 % 3
15%

Correct Answer: 16 2 % 3

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

❩%

= 16⅔%

612 x	3
	4

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