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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?

3 months
4 months
6 months
8 months

Correct Answer: 3 months

Explanation:

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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