Question

A banker paid Rs. 1451 for a bill of Rs. 1460 drawn on 1st April, at 6 months date. on what date was the bill discounted, the rate of interest being 5%​

Answer 1

Step-by-step explanation:

GIVEN:-

=> Rate of interest = 5%

=> Face value of bill = Rs. 1460

=> Amount of paid by banker = Rs.1451

TO FIND:-

=> On what date was the bill discounted.

UNDERSTANDING THE CONCEPT:-

According to the question,

=>we have rate of interest, face value of the bill and amount paid by banker. From this we can find discount amount.

Then, we need to find the date on which teh bill was discounted.

CONCEPT REFRESHER:

The formula for finding discount,

=> D = F×T× R ÷ 100

Formula for finding the date ,

=> (legal due date - unexpired time)

REQUIRED ANSWER:-

✓ Let's do it!!

=> D = Fv - amount paid

=> D = 1460 - 1451

=> D = Rs. 9

Now, find the unexpired time

=> D = F×T× R ÷ 100

$9 = \dfrac{1460 \times t \times 5}{100}$

$t = \frac{9}{73} \times 365$

T = 45 days

Bill was drawn = 1st April at 6 months (1st of October)

Date = legal due date - unexpired time

Date = 4th October - 45 days

Date = 20th August

Therefore, At 20th August the bill was discounted.