.) A banker paid Rs. 1,451 for a bill of Rs. 1,460 drawn on 1st April, at
6 months date. On what date was the bill discounted, the rate of interest
being 5% p.a?
Answers
If the rate of interest is 5% p.a, then the bill discounted on 20th August.
Step-by-step explanation:
It is given that,
The rate of interest = 5% p.a.
The face value of the bill, F = Rs. 1460
The amount paid by the banker = Rs. 1451
∴ Banker discount, BD = [Face Value] – [Amount paid by banker] = 1460 - 1451 = Rs. 9
We know that the formula for the banker discount is given by,
BD =
Substituting the values
⇒ 9 = 1460*T*5/100
⇒ T = 9/73 * 365 days
⇒ T = 45 days ← Unexpired Time
Now,
It is also given that the bill was drawn on the date = 1st April at 6 months i.e., 1st October
The legal due date will be = [1st October] + [3 days] = 4th October
Thus,
The date on which the bill was discounted is give by,
= [Legal Due Date] - [Unexpired Time]
= [4th October] – [45 days]
= 20th August
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Answer:
It is given that,
The rate of interest = 5% p.a.
The face value of the bill, F = Rs. 1460
The amount paid by the banker = Rs. 1451
∴ Banker discount, BD = [Face Value] – [Amount paid by banker] = 1460 - 1451 = Rs. 9
We know that the formula for the banker discount is given by,
BD = \frac{F * T * R}{100}
100
F∗T∗R
Substituting the values
⇒ 9 = 1460*T*5/100
⇒ T = 9/73 * 365 days
⇒ T = 45 days ← Unexpired Time
Now,
It is also given that the bill was drawn on the date = 1st April at 6 months i.e., 1st October
The legal due date will be = [1st October] + [3 days] = 4th October
Thus,
The date on which the bill was discounted is give by,
= [Legal Due Date] - [Unexpired Time]
= [4th October] – [45 days]
= 20th August