7. A bill for Rs.3225 was drawn on 3rd February 1995 at 6 months due and discounted on 13th March 1995, at the rate of 18% p.a. For what sum was the bill discounted, what is banker’s discount, True discount and what is the Bankers gain on this bill?
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Answer:
Bill was drawn on 8
th
March 2013 for 7 months.
Normal due date =8
th
October 2013
Legally due date =11
th
October 2013
It was discounted on 18
th
May 2013
∴ The unexpired period of the bill.
May - 13 days
June - 30 days
July - 31 days
August - 31 days
September - 30 days
October - 11 days
------------------------------------------
Total = 146 days
=
365
146
yrs
=
5
2
yrs
Now banker's discount =(7650−7497)
=153.
As banker's discount =A×n×i
153=7650×
5
2
×i
⇒765=7650×2×i
⇒
20
1
=i
⇒i=0.05
Hence the required rate of interest is 5% p.a.
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