The banker's gain of a sum due 8 yr. hence at 24% per annum,

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The banker's gain of a sum due 8 yr. hence at 24% per annum, is ₹ 144. Find the present worth of that bill ?

1. ₹ 39.06
2. ₹ 45
3. ₹ 38.06
4. ₹ 50

Correct Option: A

Given that BG = ₹ 144 , R = 24%
T = 8 yr and PW = ?
According to the formula,
PW = BG x [100/(R x T)]²
= 144 x [100/(24 x 8)]²
= 144 x (100/192) x (100/192)
= ₹ 39.06