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The true discount on Rs. 340 due 5 years hence is Rs. 40. Find the rate percent?

3%
22/3%
31/3%
32/3%

Correct Answer: 22/3%

Explanation:

T.D. = [Amount x R x T] / [100 + (R x T)]
⇒ 40 = [340 x R x 5] / [100 + 5R]
⇒ 40 = (1700 x R) / (100 + 5R)
∴ R = 2²/₃%;

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