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If the discount on Rs. 3050 be equal to the simple interest on Rs. 3000 for the same time. Find the time, the rate of interest being 5% per annum?

4 months
6 months
3 months
None of these

Correct Answer: 4 months

Explanation:

∵ 5 = {(3050 - 3000) / (3000 x T)} x 100
∴ T = 1/3 years = 4 months

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