A man invested Rs. 45,000 in 15% Rs.100 shares quoted at Rs. 125. When the market value of these shares rose to Rs. 140, he sold some shares, just enough to raise Rs. 8,400. Calculate the number of shares he still holds.
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Answer:
No of shares purchased = 45000/125 = 360 shares
No of shares sold= 8400/140 = 60 shares
No of shares he still holds = 360-60 = 300 shares
Div due on remaining shares = (15/100)*300*100 = Rs 4500
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