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Bankers Discount - General Aptitude

Q1:

The banker's discount on a sum of money for 1 years is Rs. 558 and the true discount on the same sum for 2 years is Rs. 600. The rate percent is:

A 10%

B 13%

C 12%

D 15%

ANS:C - 12%

B.D. for years = Rs. 558.
B.D. for 2 years
= Rs. 558 x 2 x 2
3
= Rs. 744
T.D. for 2 years = Rs. 600.
Sum = B.D. x T.D. = Rs. 744 x 600 = Rs. 3100.
B.D. - T.D 144
Thus, Rs. 744 is S.I. on Rs. 3100 for 2 years.
Rate = 100 x 744 % = 12%
3100 x 2