The banker's discount on Rs. 1600 at 6% is the same as the true discount on Rs. 1624 for the same time and at the same rate. Find the time?

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Accepted Answer

S.I. on Rs. 1600 is P.W. of Rs. 1624 i.e. Rs. 24 is the S.I. on Rs. 1600 at 6% ∴ Time = (100 x 24) / (1600 x 6) = 1/4 year = 3 months

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