The banker's gain on a certain sum due 2 1/ 2 years hence is 2/23 of the banker's discount on it for the same time and at the same rate. Find the rate percent?

5%

4%

8%

6%

Correct Answer: 6%

Explanation:

Rate percent = 100 x 2/5/ [ 3/(23 - 3)] = 6%

Question

The banker's gain on a certain sum due 2 1/ 2 years hence is 2/23 of the banker's discount on it for the same time and at the same rate. Find the rate percent?

Accepted Answer

Rate percent = 100 x 2/5/ [ 3/(23 - 3)] = 6%

The banker's gain on a certain sum due 2 1/ 2 years hence is 2/23 of the banker's discount on it for the same time and at the same rate. Find the rate percent?

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