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Question
The present worth of the sum of Rs. 5,830, due 9 months hence, is Rs. 5,500. Find the rate of interest.
Solution
Sum due = Rs. 5,830, due 9 months
Present Worth (P.W.) =Rs. 5,500
True Discount (T.D.) = Rs.(5830-5500)=330
`330=5500/100xx9/12xx x`
`x=330/55xx12/9`
x=8%
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