Mr. Tiwari invested Rs 29040 in $15 %$ Rs 100 shares quoted at a premium of $20 %$ . Calculate the number of shares he bought and his income from the investment.

200, Rs 2200

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242, Rs 3630

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240, Rs 3000

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360, Rs 2400

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Solution

The correct option is B
242, Rs 3630

Total investment = Rs 29040

Face value of a share = Rs 100

Premium on 1 share = $(20 %$ of Rs 100) = Rs 20

Market value of 1 share = Rs (100+20) = Rs 120

Number of shares bought by him = Total investment/Market value of 1 share = 29040/120 = 242

Dividend = $15 %$

Income on 1 share = (15% of Rs 100) = Rs (15/100 \times 100) = Rs 15

Total income on 242 shares = Rs $(242 \times 15)$ = Rs 3630

Therefore number of shares he bought is 242 and income is Rs 3630.

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Mr. Tiwari invested Rs 29040 in 15% Rs 100 shares quoted at a premium of 20%. Calculate the number of shares he bought and his income from the investment.

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