A banker discounts a 4 text{ months} bill at | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(C) Time period $= 4 	ext{ months} = \frac{4}{12} 	ext{ year} = \frac{1}{3} 	ext{ year}$.The banker's discount on a bill of $Rs. 100$ at $3 \%$ per

Vedclass · Accepted Answer

$3 \frac{1}{33}$

Vedclass · Answer

(C) Time period $= 4 	ext{ months} = \frac{4}{12} 	ext{ year} = \frac{1}{3} 	ext{ year}$.The banker's discount on a bill of $Rs. 100$ at $3 \%$ per annum for $\frac{1}{3} 	ext{ year}$ is calculated as: $	ext{Discount} = 100 	imes \frac{3}{100} 	imes \frac{1}{3} = Rs. 1$.The amount paid by the banker (proceeds) $= 100 - 1 = Rs. 99$.To ensure nothing is lost,the interest earned on the proceeds $(Rs. 99)$ over $4 	ext{ months}$ must equal the discount amount $(Rs. 1)$.Let the required interest rate be $R \%$.Using the simple interest formula: $I = \frac{P 	imes R 	imes T}{100}$,we have $1 = \frac{99 	imes R 	imes (1/3)}{100}$.$1 = \frac{33 	imes R}{100} \implies R = \frac{100}{33} = 3 \frac{1}{33} \%$.Thus,the interest rate should be $3 \frac{1}{33} \%$.

$A$ banker discounts a $4 \text{ months}$ bill at $3 \%$. If the proceeds are invested in a manner so that nothing is lost,the interest rate should be (in $\%$):

Similar Questions

The banker's gain of a certain sum due $2$ $years$ hence at $12 \frac{1}{2} \%$ per annum is $Rs.\,36$. The present worth is (in $Rs.$)

If a retailer offers a discount of $32 \%$ on the marked price of his goods and thus ends up selling at cost price,what was the percentage markup price?

The selling price of an article is $Rs.\, 816$ if the discount on it is $15 \%$. What would be the selling price of the article $($ in $Rs.\,)$ if the discount on it is $25 \%$?

$A$ retailer marks up his goods by $150 \%$ and offers a $40 \%$ discount. What will be the selling price (in $Rs.$) if the cost price is $Rs.\, 800$?

$A$ man bought a motorcycle for $Rs. 32500$. He sold it for $Rs. 35000$,allowing the buyer a $6$ months credit. If the money is worth $4\%$ per annum,the gain percent is (in $\%$):

Vedclass Test Series

Exam Paper Generator

Online Exam Module