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A bill is discounted at 10% per annum. If banker's discount is allowed, at what rate percent should the proceeds be invested so that nothing will be lost?
- a)
- b)
- c)
- d)11
Correct answer is option 'B'. Can you explain this answer?
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A bill is discounted at 10% per annum. If bankers discount is allowed,...
Let the amount = Rs. 100
Then BD = Rs.10 (∵ banker's discount, BD is the simple Interest on the face value of the bill for unexpired time and bill is discounted at 10% per annum)
Proceeds = Rs. 100 - Rs. 10 = Rs. 90
Hence we should get Rs. 10 as the interest of Rs. 90 for 1 year so that nothing will be lost
⇒ 10 = (90×1×R)/100
⇒ R = (10×100)/90
= 100/9
= 11 1/9%
Then BD = Rs.10 (∵ banker's discount, BD is the simple Interest on the face value of the bill for unexpired time and bill is discounted at 10% per annum)
Proceeds = Rs. 100 - Rs. 10 = Rs. 90
Hence we should get Rs. 10 as the interest of Rs. 90 for 1 year so that nothing will be lost
⇒ 10 = (90×1×R)/100
⇒ R = (10×100)/90
= 100/9
= 11 1/9%
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A bill is discounted at 10% per annum. If bankers discount is allowed,...
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A bill is discounted at 10% per annum. If bankers discount is allowed,...
Let the amount = Rs. 100
Then BD = Rs.10 (∵ banker's discount, BD is the simple Interest on the face value of the bill for unexpired time and bill is discounted at 10% per annum)
Proceeds = Rs. 100 - Rs. 10 = Rs. 90
Hence we should get Rs. 10 as the interest of Rs. 90 for 1 year so that nothing will be lost
⇒ 10 = (90×1×R)/100
⇒ R = (10×100)/90
= 100/9
= 11 1/9%
Then BD = Rs.10 (∵ banker's discount, BD is the simple Interest on the face value of the bill for unexpired time and bill is discounted at 10% per annum)
Proceeds = Rs. 100 - Rs. 10 = Rs. 90
Hence we should get Rs. 10 as the interest of Rs. 90 for 1 year so that nothing will be lost
⇒ 10 = (90×1×R)/100
⇒ R = (10×100)/90
= 100/9
= 11 1/9%
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A bill is discounted at 10% per annum. If bankers discount is allowed, at what rate percent should the proceeds be invested so that nothing will be lost?a)b)c)d)11Correct answer is option 'B'. Can you explain this answer?
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