Banker's Discount Practice Test 2

Question : 5 of 40

Marks: +1, -0

If the banker’s gain on a certain sum due 5 years hence is 8/60 of the banker’s discount on it for the same time and for the same rate, find rate of per cent.

5%
5.5%
3.07%
3%
None of these

Validate

Solution:

Required rate per cent

=100/5[8/{60-8}]

=20×8/52

=160/52=3.07%

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