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The true discount on Rs.2562 due 4 months hence is Rs.122.The rate % is?

12%
13 (1/3)%
15%
14%

Correct Answer: 12%

Explanation:

P.W = Rs.( 2562 - 122) = Rs.2440

S.I on Rs.2440 for 4 months is Rs.122

Rate = (100 x 122)/(2440 x [1/3]) % = 15%

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