Question

A bill for Rs 5460 was drawn on 12/6/2007. At 6 months date and discontinued on 17/8/2007 at
the rate of 5%. Find Bankers discount in his bill.

Answer 1

Bankers discount = 44.128

Step-by-step explanation:

Given,

Face value, = 5460

Rate = 5%

Date on which the bill is drawn = 12 jun at 6 month,

Nominally Due Date = 12th December

Legally Due Date = 12th December + 3 days = 15th December

Date on which the bill is discounted = 17th August

Unexpired Time

= [18th to 31st of August] + [30 Days in November] + [1st to 15th of December]

= 14 + 30 + 15

= $\frac{59}{365}$

= 0.1616438 year

$\bold{Bankers\ discount = \frac{F\times T\times R}{100}}$

$= \frac{5460\times 0.1616438\times 5}{100}$

= 44.128

Answer 2

Bankers discount = 44.128

Step-by-step explanation:

Given,

Face value, = 5460

Rate = 5%

Date on which the bill is drawn = 12 jun at 6 month,

Nominally Due Date = 12th December

Legally Due Date = 12th December + 3 days = 15th December

Date on which the bill is discounted = 17th August

Unexpired Time

= [18th to 31st of August] + [30 Days in November] + [1st to 15th of December]

= 14 + 30 + 15

=

= 0.1616438 year

= 44.128