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The banker’s discount on a sum of money for 3 years is Rs. 1116. The true discount on the same sum for 4 years is Rs. 1200. What is the rate percent?
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- 8%
- 12%
- 10%
- 6%
Correct Option: D
As per the given question ,
BD for 3 years = Rs. 1116
| BD for 4 years = | 1116 | × 4 = Rs. 1488 |
| 3 |
TD for 4 years = Rs. 1200
| F = | Banker's Discount × True Discount | |
| Banker's Discount - True Discount |
| F = | 1488 × 1200 | |
| ( 1488 – 1200 ) |
| F = | 1488 × 1200 | |
| 288 |
| F = | 1488 × 1200 | |
| 24 |
F = 62 × 100
F = Rs. 6200
⇒ Rs.1488 is the simple interest on Rs. 6200 for 4 years
| ⇒ 1488 = | 6200 × 4 × R | |
| 100 |
| ⇒ R = | 1488 × 100 | |
| 6200 × 4 |
| ⇒ R = | 372 × 100 | |
| 6200 |
| ⇒ R = | 372 | = 6% |
| 62 |
Hence , Rate percent is 6% .
