[rate percent= 13 7/11%] The bankers discount and the true discount on a sum of money due 8 months hence are Rs. 120 and Rs.

For Competitive Exams

The bankers discount and the true discount on a sum of money due 8 months hence are Rs. 120 and Rs. 110 respectively. Find the sum and the rate percent.

rate percent= 13 7/11%

rate percent= 12 5/11%

rate percent= 10 7/11%

None of these

Explanation:

Sum =[( B.D.*T.D.)/(B.D.-T.D.)]
= Rs.[(120x110)/(120-110)]
= Rs. 1320.
Since B.D. is S.I. on sum due, so S.I. on Rs. 1320 for 8 months is Rs. 120.
Rate =[(100 x120)/( 1320 x 2/3)%
= 13 7/11%.

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