Question

A bill of Rs. 29200 drawn on 15th June for 6 months, was discoun for Rs. 28960 at 5percent p. a. On which day was the bill discounted ​

Answer 1

Answer:

Step-by-step explanation:

Answer 2

Concept:-

It is an interest-related problem.

Given:-

Face value$=29200$

date of drawing $=15$th June

period of the bill$=6$months

r$=5$ percent

cash value$=28960$

Find:-

We have to find on which day the bill was discounted.

Solution:-

According to the problem,

Face value$=29200$

date of drawing $=15$th June

∴ Nominal due date$=15th$ December

legal due date$=18th$ December

Since B.D=F.V-C.V=$29200 - 28960=240$

but B.D = interest on F.V for n years at r percentage

∴ B.D = $\frac{29200}{100}$×$\frac{n}{365}$×$5$

⇒ $n=\frac{100}{29200}$×$\frac{5}{365}$×B.D

⇒$n= 540$×$\frac{1}{21316}$≅$40$

so the bill was discounted 40 days before 18th December.

Hence, the date of discounting is $30th$ october.