Advertisement Remove all ads

A bill of ₹ 8,000 drawn on 5th January 1998 for 8 months was discounted for ₹ 7,680 on a certain date. Find the date on which it was discounted at 10% p.a. - Mathematics and Statistics

Sum

A bill of ₹ 8,000 drawn on 5th January 1998 for 8 months was discounted for ₹ 7,680 on a certain date. Find the date on which it was discounted at 10% p.a.

Advertisement Remove all ads

Solution

Face value = ₹ 8,000

Cash value = ₹ 7,680

Banker discount (B.D.) = F.V. – C.V.

= 8,000 – 7,680

= ₹ 320

Date of drawing = 5th January 1998

Period = 8 months

Nominal due date = 5th September 1998

Legal due date = 8th September 1998

B.D. = `("F.V." xx "n"/365 xx 10)/100`

∴ `320 = (8,000 xx "n"/365 xx 10)/100`

∴ n = `(320 xx 100 xx 365)/(8000xx10)`

∴ n = 146 days

∴ To calculate date on which bill was discounted, we have to go 146 days behind from legal due date.

April May June July Aug Sep Total
15 31 30 31 31 8 146 days

The date on which bill was discounted is 15th April 1998.

Concept: Discount
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Balbharati Mathematics and Statistics 2 (Commerce) 12th Standard HSC Maharashtra State Board
Chapter 1 Commission, Brokerage and Discount
Exercise 1.2 | Q 9 | Page 11
Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×