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

1320
1300
1325
1200

Correct Answer: 1325

Explanation:

Required Sum = PW of Rs.702 due 6 months hence + PW of Rs.702 due 1 year hence

= Rs.[ (100 x 702) / (100+(8 x 1/2)) ] + [ (100 x 702) / (100+(8 x 1)) ]

= Rs.1325

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