Question

A bill of ₹ 60000 payable 10 months after the date was discounted for ₹ 57300 on 30th June 2007. If the rate of interest was 11`(1)/(4)` % per annum, on what date was the bill drawn?

Answer 1

Banker discount (BD) = Face value – Amount received = 60000 – 57300 = ₹ 2700
Now, BD is interested in face value for the remaining period

2700 = 60000 x 11`(1)/(4)`% x  remaining period

Remaining period = `(2700 xx 400)/(60000 xx 45) = 0.4 "years"= (4)/(10)` x  365 = 146 days

Now, the bill was drawn on 30 June 2007 for 10 months so legally due date is 3 April 2008.
The bill was enhanced 146 days before discounting days backward.
April – 3 days
March – 31 days
Feb. – 28 days
Jan. – 31 days
Dec. – 31 days
Nov. – 19 days
Bill was encashed on (30 – 19) = 11th Nov, 2007.