What rate percent does a man get for his money when in discounting a bill due 10 months hence, he deducts 10% of the amount of the bill?
Bill: 13 1/3%
Bill: 12 1/3%
Bill: 10 1/3%
None of these
Explanation:
Let amount of the bill = Rs.100
Money deducted =Rs.10
Money received by the holder of the bill = Rs.100-10 = Rs.90
SI on Rs.90 for 10 months = Rs.10
Rate =[(100*10)/(90*10/12)%=13 1/3%
Let amount of the bill = Rs.100
Money deducted =Rs.10
Money received by the holder of the bill = Rs.100-10 = Rs.90
SI on Rs.90 for 10 months = Rs.10
Rate =[(100*10)/(90*10/12)%=13 1/3%