A merchant owes a businessman Rs 8640 due one year from Now. The merchant wants to settle the accounts after 4 months .If the rate of interest is 12% annum , find the amount he should pay.
Rs.8000
Rs.80
Rs.800
Rs.880
Explanation:
Present worth of Rs.8460 due in 8 months (after 4 months)
=$\dfrac{8640 \times 100}{100+(\dfrac{8}{12} \times 12}=\dfrac{8640}{108} \times 100$
Required sum=Rs.8000
Present worth of Rs.8460 due in 8 months (after 4 months)
=$\dfrac{8640 \times 100}{100+(\dfrac{8}{12} \times 12}=\dfrac{8640}{108} \times 100$
Required sum=Rs.8000