Question

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?

Answer 1

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$=\frac{100\times 10}{90\times \frac{10}{12}}\%=\frac{40}{3}\%$