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A banker discounts a 4 months bill at 3 %. If the proceeds be invested in a manner, so that nothing is lost, the interest rate should be :
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- 3%
- 4%
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3 1 % 33 -
3 1 % 36 - None of these
Correct Option: C
| Here , 4 months = | 1 | years |
| 3 |
| & there4; Banker deducts ₹3 × | 1 | = ₹1 from a bill of ₹100 |
| 3 |
Banker 's discount = ₹1
So, the banker pays ₹(100 - 1) = ₹99.
Amount = ₹ 99
So, the bill-holder loses ₹1.
So, for investment ₹1 should be interest on ₹99 for 4 months.
| ∴ Rate of interest = | Banker 's discount × 100 | % |
| Amount × Time |
| ∴ Rate of interest = | 1 × 100 | = | 100 | = 3 | 1 | % |
| 99 × 4/12 | 33 | 33 |
