Question

A bill of ₹ 8,000 drawn on 5^th January 2019 for 8 months was discounted for ₹ 7,680 on a certain date. Find the date on which it was discounted at 10% p.a.

Solution: Banker’s Discount

B.D.= F.V. − C.V. = 8,000 −7,680 = ₹ 320

Date of drawing = 5^th January 2019

Period = 8 months

Nominal due date = `square`

Legal due date = `square`

B.D. = Interest on F.V. for n at 10% p.a.

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

∴ 320 = `(8000 xx "n"/365 xx 10)/100`

∴ n = `square` days

April	May	June	July	Aug	Sep	Total
15	31	30	31	31	`square`	`square`

∴ Date of discounting is `square`

Answer 1

Banker’s Discount

B.D.= F.V. − C.V. = 8,000 −7,680 = ₹ 320

Date of drawing = 5^th January 2019

Period = 8 months

Nominal due date = 5^th September 2019

Legal due date = 8^th September 2019

B.D. = Interest on F.V. for n at 10% p.a.

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

∴ 320 = `(8000 xx "n"/365 xx 10)/100`

∴ n = 146 days

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

∴ Date of discounting is 15^th April 2019