A man invests ₹ 24,000 on ₹ 60 shares at a discount of 20%. If the dividend declared by the company is 10%, then his annual income is :

1. ₹ 2,880

2. ₹ 1,500

3. ₹ 3,000

4. None of these

Given,

Investment = ₹ 24,000

Face Value = ₹ 60

Dividend rate = 10%

Discount = 20% of 60 = $\dfrac{20}{100} \times 60$ = ₹ 12

Market Value = Face Value - Discount = 60 - 12 = ₹ 48.

By formula,

$\text{Number of shares} = \dfrac{\text{ Investment }}{\text{ Market value of each share}}\\[1em] = \dfrac{24000}{48} \\[1em] = 500. \\[1em] \text{Annual dividend} = \text{No. of shares} \times \text{Rate of div.} \times \text{ N.V. of 1 share}\\[1em] = 500 \times \dfrac{10}{100} \times 60 \\[1em] = ₹\ 3,000.$

Hence, Option 3 is the correct option.