Sophia want to secure an annual income of Rupees 1500 by investing in 15% debentures of face value rupees hundred each and available for rupees 104 each if the brokerage is 1% what sum of money should we invest
Answers
Answered by
3
Answer:
Income on each debenture
= 15% of Rs. 100
= Rs. 15
Number of debentures required
= Rs. (150015)
= Rs. 100
Cost of each debenture
= Rs. (104 + 1% of 104)
= (104 + 1.04)
= Rs. 105.04
∴ Total investment
= Rs. (105.04 × 100)
= Rs. 10504
Similar questions