A bill is due after 6 months. The creditor agrees to accept the immediate pay

Discussion Forum : Discount Combined

Question -

A bill is due after 6 months. The creditor agrees to accept the immediate payment of half the amount of the bill and defer the payment of the other half by 12 months. In this way he gains Rs 5. Find the amount of the bill, if money is worth 20% per annum?

Options:

A . Rs 400

B . Rs 550

C . Rs 660

D . none of these

Answer: Option C

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