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The present value of a bill due at the end of 2 years is Rs.1250. If the bill were due at the end of 2 years and 11 months, its present worth would be Rs.1200. Find the rate of interest and the sum.

rs.1175
rs.1375
rs.1475
rs.1575

Correct Answer: rs.1375

Explanation:

PW = $\frac{100 \times A m o u n t}{100 + R \times T}$

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