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If the discount on a certain sum in 2 years at a certain rate is $ 150 and the interest in 3 years is $ 240. Find the sum and the rate of interest.
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$ 2400, 3 1 % 3 -
$ 2400, 4 1 % 3 -
$ 2200, 5 1 % 3 -
$ 2000, 3 1 % 3 - None of these
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Correct Option: A
Given :- Interest for 3 years = $ 240.
| Interest for 2 year = | 240 × 2 | = $160 | |
| 3 |
Banker 's Discount = $160
Discount for 2 years = $150
True Discount = $150
| Sum due = | Banker 's Discount × True Discount | = | 160 × 150 | = $ 2400 |
| Banker 's Discount - True Discount | 160 - 150 |
| Rate of interest = | Interest × 100 | % |
| Sum due × Time |
| Rate of interest = | 240 × 100 | = 3 | 1 | % |
| 2400 × 3 | 3 |
