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Abill of Rs 1,000 drawn on 7th May, 2011 for six months was discounted on 29th August, 2011 for cash payment of Rs 988. Find the rate of interest charged by the bank.

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Due date of the bill is 29th Nov. 

Date of discounting is 29th Aug.

No. of days from date of discounting to due date 

= 2(Aug) + 30 (Sept) + 31 (Oct) + 10 (Nov) = 73

Thus,

Hence, interest rate charged by bank = 100 r % = 100 x (3/50) = 6%

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