The true discount on Rs. 2562 due 4 months hence is Rs. 122. The rate percent is _________?
The true discount on Rs. 2562 due 4 months hence is Rs. 122. The rate percent is _________?
Explanation
True Discount (TD) = Rs. 122
Principal (P) = Rs. 2562
Time (T) = 4 months = 1/3 year
Using the formula:
TD = (P x R x T) / 100
where R is the rate percent, we can rearrange the formula to solve for R:
R = (TD x 100) / (P x T)
= (122 x 100) / (2562 x 1/3)
= 15%
So, the rate percent is 15%.