A sum of Rs. 9,600 invested in 15% stock gives an annual income of Rs. 1,200. At what price was the stock bought?
Correct answer C. Rs. 120
Explanation
Face value bought = 1,200 × 100/15 = Rs. 8,000. Price = 9,600/8,000 × 100 = Rs. 120 per Rs. 100 stock.
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