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Question
True discount on a bill is ₹ 2,200 and bankers discount is ₹ 2,310. If the bill is due 10 months, hence, find the rate of interest.
Solution
Given, T.D. = ₹ 2,200, B.D. = ₹ 2,310
n = 10 months = `10/12 = 5/6` years
r = ?
B.D. = T.D. + Interest on T.D.
∴ 2,310 = 2,200 + `(2200 xx "n" xx "r")/100`
∴ 2,310 - 2,200 = `(22cancel(00)xx5/6xx"r")/(1cancel(00))`
∴ 110 = `(22 xx 5 xx "r")/6`
∴ `110 xx 6 = 22 xx 5 xx "r"`
∴ r = `(110 xx 6)/(22 xx 5)`
∴ r = 6%
∴ The rate of interest is 6% p.a.
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