Banker's Discount Practice Test 2

Question : 6 of 40

Marks: +1, -0

The banker’s discount on a certain sum due 6 years hence is 12/11 of the true discount on it for the same time and for the same rate.Find the rate of per cent.

2.5%
1.5%
1.07%
3%
None of these

Validate

Solution:

Required rate per cent

=100/T(x/y-1)

=100/6(12/11-1)

=100/6×1/12=1.5\year

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