If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, wh

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Question: If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, what is the sum?

Options:

$2000
$2250
$2500
$2750

Correct Answer: $2250

Solution:

Let the sum be x. True Discount = x * 10 * 3 / 100. Thus, 250 = x * 30 / 100. Solving gives x = $833.33. Therefore, the sum = $833.33 + $250 = $1083.33.

If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, wh

Practice Questions

If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, what is the sum?

$2000
$2250
$2500
$2750

Questions & Step-by-Step Solutions

If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, what is the sum?

True Discount – True discount is the difference between the present value and the future value of a sum of money, calculated based on a specific interest rate and time period.
Present Value and Future Value – Understanding the relationship between present value, future value, and interest rates is crucial for solving problems involving discounts.
Interest Rate Calculation – Applying the formula for calculating true discount using the interest rate and time period.

If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, wh

What’s inside this PDF?

If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, wh

Practice Questions

Questions & Step-by-Step Solutions

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