Discussion
By investing Rs. 1620 in 8% stock, Michael earns Rs. 135. The stock is then quoted at:
Answer: B
\[ \text{yield} = \frac{135}{1620} = \frac{1}{12} = 8.33\% \]
\[ \text{market value} = \frac{8}{1/12} = \text{Rs. } 96 \]
Equivalently, Rs. 1620 buys \( \tfrac{135}{8} \times 100 = 1687.5 \) of face value, and \( \tfrac{1620}{1687.5} \times 100 = 96 \).
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