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A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest 12% per annum, how much cash should he pay?

Rs. 9025.20
Rs. 9200
Rs. 9600
Rs. 9560

Correct Answer: Rs. 9200

Explanation:

Required money

= P.W. of Rs. 10028 due 9 months hence

= Rs.

[

10028 x 100

]

100 +	❨	12 x	9	❩
			12

= Rs. 9200.

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