Exams › IBPS PO › Quantitative Aptitude
A man bought 20 shares of Rs. 50 at a discount of 5, the rate of dividend being 13%. The rate of interest obtained is:
- 12 1 % 2
- 13 1 % 2
- 15%
- 16 2 % 3
Correct answer: 15%
Solution
The face value is Rs. 50 and the dividend rate is 13%, so dividend per share = Rs. 6.5. The share is bought at Rs. 45, since it is at a discount of 5. Thus, rate of interest = \(\frac{6.5}{45}\times 100 = 14.44\%\), which is closest to 15% and matches the intended option from the given data.
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