Q. If the true discount for a sum of ₹ 50000 for a period of 4 yr at a certain rate of interest per annum is ₹ 2000, find the rate of interest.
Explanation by: Omveer
Given that, PW =₹ 50000, TD =₹ 2000, T = 4 yr and R = ? According to the formula, (1) TD = (PW x R x T) / 100 ⇒ 2000 = (50000 x R x 4) / 100 ∴ R = (2000 x 100) / (50000 x 4) = 20/20 = 1%
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