The banker's discount on Rs. 1600 at 15% per annum is the same as the true discount on Rs. 1680 for the same time and at the same rate. The time is:

3 months
4 months
6 months
8 months

Correct answer: 4 months

Solution

Let the time be t years. The banker's discount on Rs. 1600 is 1600×15×t/100, and the true discount on Rs. 1680 is found using the present worth formula. Equating them gives t = 1/3 year, i.e. 4 months.

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