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The banker's gain on a certain sum due 2 years hence at 10% per annum is Rs. 24. The present worth is:

1. Rs. 480
2. Rs. 520
3. Rs. 600
4. Rs. 960

Correct answer: Rs. 600

Solution

For a bill due after time t at rate r, banker's gain = banker's discount − true discount. Using the standard relation, the present worth can be obtained from the gain and the given time-rate data. Substituting the values gives the present worth as Rs. 600.

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