Exams › IBPS PO › Quantitative Aptitude

The banker's discount on a sum of money for 1 year is Rs. 558 and the true discount on the same sum for 2 years is Rs. 600. The rate percent is:

1. 10%
2. 13%
3. 12%
4. 15%

Correct answer: 12%

Solution

The banker's discount and true discount are connected through the rate and time. By forming equations for the given 1-year and 2-year cases and eliminating the sum, the rate is found to be 12%.

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