Question : A man buys a watch for Rs. 1,950 in cash and sells it for Rs. 2,200 at a credit of 1 year. If the rate of interest is 10% per annum, then how much profit or loss will he have?
Option 1: Rs. 55 profit
Option 2: Rs. 30 profit
Option 3: Rs. 30 loss
Option 4: Rs. 35 profit
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Correct Answer: Rs. 55 profit
Solution :
A man buys a watch for Rs. 1,950 in cash and sells it for Rs. 2,200 at a credit of 1 year.
So, his immediate profit is = (2200 – 1950) = Rs. 250
But the interest of 1950 rupees at 10% per annum for 1 year is = ($\frac{1950×10×1}{100}$) = Rs. 195
$\therefore$ His net profit is = (250 – 195) = Rs. 55
Hence, the correct answer is Rs. 55 profit.
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