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Find the Banker's Discount on a sum of $2000 due in 1 year at a rate of 10%.
Find the Banker's Discount on a sum of $2000 due in 1 year at a rate of 10%.
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Practice Questions
1 question
Q1
Find the Banker's Discount on a sum of $2000 due in 1 year at a rate of 10%.
$200
$150
$100
$250
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Banker's Discount = (2000 x 10 x 1) / 100 = $200
Questions & Step-by-step Solutions
1 item
Q
Q: Find the Banker's Discount on a sum of $2000 due in 1 year at a rate of 10%.
Solution:
Banker's Discount = (2000 x 10 x 1) / 100 = $200
Steps: 7
Show Steps
Step 1: Identify the principal amount, which is $2000.
Step 2: Identify the rate of interest, which is 10%.
Step 3: Identify the time period, which is 1 year.
Step 4: Use the formula for Banker's Discount: Banker's Discount = (Principal x Rate x Time) / 100.
Step 5: Substitute the values into the formula: Banker's Discount = (2000 x 10 x 1) / 100.
Step 6: Calculate the result: 2000 x 10 = 20000, then 20000 / 100 = 200.
Step 7: Conclude that the Banker's Discount is $200.
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