A person invested Rs.60000 to buy shares each at Rs.20 in a company which pays annual dividends of Rs.8 per share . One year after he received his dividends he sold all the shares and earned a capital gain of Rs.15000 .
1 . How many shares did he have in the company ?
2 . What was his dividend income in the company end of the year ?
3 . End of the year what price did the person sell each share at ?
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Answer:
Step-by-step explanation:
The CI on same sum in 16 years is Rs 1300
Compound Interest, CI = Rs 1300
Principal, P = p
Time, t = 16 years
Rate of interest, r = r
----------------- (2)
Divide eq(2) by eq(1)
Solve for r
Put r in equation 1
Put P = 320, r = 0.1067, t = 20 into CI formula
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