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If the present worth of a sum is $2000 and the true discount is $400, what is th

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Question: If the present worth of a sum is $2000 and the true discount is $400, what is the rate of interest per annum for 2 years?

Options:

  1. 5%
  2. 10%
  3. 15%
  4. 20%

Correct Answer: 10%

Solution: 

True Discount = Present Worth * Rate * Time / 100. 400 = 2000 * Rate * 2 / 100. Rate = (400 * 100) / (2000 * 2) = 10%.

If the present worth of a sum is $2000 and the true discount is $400, what is th

Practice Questions

Q1
If the present worth of a sum is $2000 and the true discount is $400, what is the rate of interest per annum for 2 years?
  1. 5%
  2. 10%
  3. 15%
  4. 20%

Questions & Step-by-Step Solutions

If the present worth of a sum is $2000 and the true discount is $400, what is the rate of interest per annum for 2 years?
  • Present Worth – The current value of a future sum of money, discounted at a specific interest rate.
  • True Discount – The difference between the future value and the present worth, representing the cost of borrowing.
  • Rate of Interest – The percentage at which interest is charged or paid on a sum of money over a period of time.
  • Time Period – The duration for which the money is borrowed or invested, typically expressed in years.
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