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The true discount on Rs. 2575 due 4 months hence is Rs. 75. The rate percent is?

6%
8%
9%
5%

Correct Answer: 9%

Explanation:

P.W. = Rs. (2575 - 75) = Rs. 2500
∴ Rate = (100 x 75 x 3) / (2500 x 1)% = 9%

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