A man invested Rs 2,400 (Rs 100 share) in 8% stock at 32. Find his net income after paying an income tax of 8%.
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Face value of 1 share =Rs. 100
Market value of 1 share =Rs. (100+10010×100)
=Rs. (100+10)
=Rs. 110
Investment =Rs. 8,800
Annual dividend =Rs. 1200
(i) Total number of shares =1108800=80 shares
(ii) Dividend percentage per share =80×1001200×100
=15%.
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