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A bill for Rs 7650 was drawn on 8th March 2013, at 7 months. It was discounted on 18th May 2013 and the holder of the bill received Rs 7497.

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A bill for Rs 7650 was drawn on 8th March 2013, at 7 months. It was discounted on 18th May 2013 and the holder of the bill received Rs 7497. What is the rate of interest charged by the bank? 

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Hence, the required rate of interest charged by the bank is 5 %.

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