The Bankers discount on the sum of money for 18 month is ₹600 and the true discount on the same sum for 3 year is ₹750 the rate percentage is?
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Answer:
Rate Percentage = 20%
Step-by-step explanation:
Banker Discount = Amount & Rate of interest * Time/100
Amount = A
Rate of interest = R %
Time = 18 months = 1.5 Years
600 = A R (1.5)/100
=> AR = 40000
True Discount = (Amount & Rate of interest * Time)/(100 + RT)
=> 750 = AR * 3 /(100 + 3R)
Putting AR = 40000
=> 750 = 40000 * 3/(100 + 3R)
=> 100 + 3R = 120000/750
=> 100 + 3R = 160
=> 3R = 60
=> R = 20
Rate Percentage = 20%
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