Discussion :: Banker's Discount
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The banker's discount on a sum of money for 1 \(\frac { 1 } { 2 }\) years is Rs. 558 and the true discount on the same sum for 2 years is Rs. 600. The rate percent is:
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Answer : Option C
Explanation :
B.D . for \(\frac { 3 } { 2 } \) years = Rs. 558
B.D . for 2 years = Rs. [558 * \( \frac { 2 } {3}\) x 2]
= Rs. 744
T.D. for 2 years = Rs. 600.
Sum = \(\frac { B.D *T.D } { B.D - T.D}\) = Rs. \( [\frac { 744 *600} {144 } ]\)
= Rs. 3100.
Thus, Rs. 744 is S.I. on Rs. 3100 for 2 years.
Rate = \( [\frac { 100 *744} {3100*2 } ]\)% =12%
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