By investing Rs. 1620 in 8% stock, Michael earns Rs. 135. The stock is then quoted at:
Rs. 80
Rs. 96
Rs. 106
Rs. 108
Explanation:
To earn Rs. 135, investment = Rs. 1620.
| To earn Rs. 8, investment = Rs.$ \left(\dfrac{1620}{135} \times 8\right) $= Rs. 96. |
$\therefore$ Market value of Rs. 100 stock = Rs. 96.