The banker's discount on a sum of money for 1½ years is Rs. 558 and the true dis

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Question
The banker's discount on a sum of money for 1½ years is Rs. 558 and the true discount on the same sum for 2 years is Rs. 600. The rate percent is:
Options
A. 10%
B. 13%
C. 12%
D. 15%

Correct Answer

12%

Explanation

B.D. for 3⁄2 years

= Rs. 558.

B.D. for 2 years

= Rs.	❨	558 x	2	x 2	❩
			3

= Rs. 744

T.D. for 2 years = Rs. 600.

∴ Sum =	B.D. x T.D.	= Rs.	❨	744 x 600	❩	= Rs. 3100.
	B.D. - T.D			144

Thus, Rs. 744 is S.I. on Rs. 3100 for 2 years.

∴ Rate =	❨	100 x 744	❩%	= 12%
		3100 x 2

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