Banker's Discount Practice Test 1

Question : 34 of 40

Marks: +1, -0

True discount on Rs 2,650 due 1 year hence is Rs 250. The rate of interest per annum is:

Solution:

PW = 2,650 - 250 = Rs 2,400
SI of Rs 2,400 for 1 year is Rs 250.
So, Rate

={SI×100}/{P×T}

={250×100}/{2400×1}=10.42%

Go to Question:

Prev Question

Next Question