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

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Accepted Answer

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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