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The present worth of Rs. 1404 due in two equal half-yearly installments at 8% per annum simple interest is:

Rs. 1325
Rs. 1300
Rs. 1350
Rs. 1500

Correct Answer: Rs. 1325

Explanation:

Required sum

= P.W. of Rs. 702 due 6 months + P.W. of Rs. 702 due 1 year hence

= Rs.

[

❨

100 x 702

❩

+

❨	100 x 702	❩
	100 + (8 x 1)

]

100 + 8 x ½

= Rs. (675 + 650)

= Rs. 1325.

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