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A man buys a watch for Rs. 195 in cash and sells it for Rs. 220 at a credit of 1 year. If the rate of interest is 10%, the man?

Gains Rs. 15
Gains Rs. 3
Gains Rs. 5
Loses Rs. 5

Correct Answer: Gains Rs. 5

Explanation:

P.W. of Rs. 220 due 1 year hence = Rs. (100 x 220) / (100 + 10)
= Rs. 200
hence, the man gains Rs. 5

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