Banker's Discount problems
- 1. The banker's discount on a certain sum due 4 yr, hence is 11/10 of the true discount. Find the rate per cent per annum.
Options- A. 2.5%
- B. 5%
- C. 5.5%
- D. 1.5% Discuss
Correct Answer: 2.5%
Explanation:
Let TD = N, then BD = 11N/10
Sum = (BD x TD) / (BD - TD) = [(11N/10) x N] / [11N/10 - N]
= [11N2/10] / [N/10] = 11N
SI on ? 11N for 4 yr is ? 11N/10.
? Rate = (100 x 11N/10)/(11N x 4)% per annum
= 2.5% per annum
- 2. The present worth of a bill due sometime hence is Rs. 1100 and the true discount on the bill is Rs. 110. Find the banker's discount and the extra gain the banker would make in the transaction?
Options- A. Rs. 11, Rs. 121
- B. Rs. 21, Rs. 131
- C. Rs. 12, Rs. 122
- D. None of these Discuss
Correct Answer: Rs. 11, Rs. 121
Explanation:
T.D. = ?P.W. x B.G.
or B.G. = (T.D.)2/P.W. = (110 X 110) / 1100 = Rs. 11
? B.D. = B.G. + T.D. = Rs. (11 + 110) = Rs. 121
- 3. The banker's discount on a certain amount due 2 years hence is 11/10 of the true discount. What is the rate percent?
Options- A. 1%
- B. 5%
- C. 10%
- D. 12% Discuss
Correct Answer: 5%
Explanation:
- 4. What is the banker's discount if the true discount on a bill of Rs. 540 is Rs. 90?
Options- A. Rs. 108
- B. Rs. 120
- C. Rs. 102
- D. Rs. 106 Discuss
Correct Answer: Rs. 108
Explanation:
As per given question,
Face Value F = 450,
True discount = 90
As we know the formula,
Present Worth, PW = Face Value ? True Discount
Present Worth, PW = F ? TD = 540 ? 90 = Rs. 450
Hence Simple Interest on 450 = 90 ? ? ? ? ? ? ? ? ? ? ( 1 )
Simple Interest on the face value = Bankers Discount
? Simple Interest on 540
Hence, Simple Interest on 540 = 90/450 × 540 = Rs. 108 = Bankers Discount
- 5. The present worth of a certain bill due sometime hence is Rs. 1296 and the true discount is Rs. 72. What is the banker's discount?
Options- A. Rs. 76
- B. Rs. 72
- C. Rs. 74
- D. Rs. 4 Discuss
Correct Answer: Rs. 76
Explanation:
- 6. The banker's gain of a certain sum due 3 years hence at 10 % per annum is Rs. 36. What is the present worth (PW)?
Options- A. Rs. 400
- B. Rs. 300
- C. Rs. 500
- D. Rs. 350 Discuss
Correct Answer: Rs. 400
Explanation:
- 7. The banker's gain on a certain sum due 2.5 years hence is 9/25 times of the banker's discount. What is the rate percent?
Options- A. 18.13%
- B. 18.12%
- C. 24.13%
- D. 22.22% Discuss
Correct Answer: 22.22%
Explanation:
- 8. A bill is discounted at 10 % per annum. If banker's discount is allowed, at what rate % should the proceeds be invested so that nothing will be lost?
Options- A. 10 %
- B. 11 1 % 9
- C. 11 %
- D. 9 1 % 9 Discuss
Correct Answer: 11 1 % 9
Explanation:
- 9. A banker paid Rs. 5767.20 for a bill of Rs. 5840, drawn of April 4 at 6 months. If the rate of interest was 7 %, what was the day on which the bill was discounted?
Options- A. 3rd March
- B. 3rd September
- C. 3rd October
- D. 3rd August Discuss
Correct Answer: 3rd August
Explanation:
- 10. Shankara buys a watch for Rs. 1,950 in cash and sells it for Rs. 2,200 at a credit of 1 year. If the rate of interest is 10% per annum, he _____ :
Options- A. gains Rs. 55
- B. gains Rs. 50
- C. loses Rs. 30
- D. gains Rs. 30 Discuss
Correct Answer: gains Rs. 50
Explanation:
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