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Formula for CI

What rate per...

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?

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Solution

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

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