The true discount on Rs. 2562 due 4 months hence is Rs. 122. The rate percent is:

12%
13 1/3%
15%
14%

Correct answer: 15%

Solution

If the true discount is Rs. 122 on Rs. 2562, then the present worth is Rs. 2440. Using simple interest for 4 months, the rate comes out to 15% per annum.

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