A man purchased a cow for Rs. 3000 and sold it the same day for Rs. 3600, allowing the buyer a credit of 2 years. If the rate of interest is 10% per annum, then the man has a gain of:

0%
5%
7.5%
10%

Correct answer: 0%

Solution

The selling price of Rs. 3600 payable after 2 years has a present value of Rs. 3000 at 10% simple interest. Since the present value equals the purchase price, there is no gain or loss.

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