A bill is discounted at 10% per annum. If banker's discount is allowed, at what rate percent should the proceeds be invested so that nothing will be lost?
Choose one
A) 91/9%
B) 100/9%
C) 11
D) 92/9%
E) None of these
Explanation :   Let the amount = Rs.100   Then 100/9%D = Rs.10 (∵ banker's discount, 100/9%D is the simple Interest on the face value of the bill for unexpired time and bill is discounted at 10% per annum)   Proceeds = Rs.100 – Rs.10 = Rs.90   Hence we should get Rs.10 as the interest of Rs.90 for 1 year so that nothing will be lost   ⇒ 10 = (90 × 1 × R)/100   ⇒ R = (10 × 100)/90 = 100/9 Answer : Option 100/9%
<result>B</result>
A bill is discounted at 10% per annum. If banker's discount is allowed, at what rate percent should the proceeds be invested so that nothing will be lost?