The banker's discount on a sum of money for 1 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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the answer is 15% i think
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Answer:
Given:
- The banker's discount on a sum of money for 1 year is Rs. 558 and the true discount on the same sum for 2 years is Rs. 600.
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Find:
- The rate percent is.
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Calculations:
= 558 × 2/3 × 2
= 744
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= 744 × 600/144
= 3100
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= 744 × 100/2 × 3100
= 12℅
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Hence, 12% is the bankers discount.
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