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Popular Word Problems >

a. Find the True discount, Banker's Discount and Banker's Ga due in 9 months at 5% per annum.

Solution

a . F in d t h e T r u e d i sco u n t, B ank e r^{'} s D i sco u n t an d B ank e r^{'} s G a d u e in 9 m o n t h s a t 5% p er ann u m .

Solution

Amount after discount : 8.55

Solution steps

Translate the problem into an equation:

x = 9 - 0.05 \cdot 9

x = 9 - 0.05 \cdot 9 : x = 8.55

Amount after discount : 8.55

Popular Examples

Kyle invested 15,000 in a savings account. If the interest rate is 5% per year, how much will be in the account in 10 years with monthly compounding?Grace opened a savings account and deposited 300.00 as principal. The account earns 4% interest, compounded annually. What is the balance after 5 years?If the store has a 20% of sale, what is the original value of the goods she can now buy with a 100 voucher?42 is 8% of what number Find the time required for an investment of 5000 dollars to grow to 8700 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t= years. You may enter the exact value or round to 2 decimal places.