# A bill was drawn on 14th April for ₹ 7,000 and was discounted on 6th July at 5% p.a. The Banker paid ₹ 6,930 for the bill. Find the period of the bill. - Mathematics and Statistics

Sum

A bill was drawn on 14th April for ₹ 7,000 and was discounted on 6th July at 5% p.a. The Banker paid ₹ 6,930 for the bill. Find the period of the bill.

#### Solution

Face value (F.V.) = 7,000

Cash value (C.V.) = 6,930

Banker’s discount (B.D.) = F.V. – C.V.

= 7,000 – 6,930

= 70

Date of drawing bill = 14th April

Date of discounting bill = 6th July

We know that,

Banker’s discount =("F.V." xx "n"/365 xx "r")/100

∴ 70 = (7,000 xx "n"/365 xx 5)/100

∴ n = (70 xx 100 xx 365)/(7000 xx 5)

∴ n = 73

To calculate period of bill, we have to calculate 73 days from date of bill discounting.

 July August September Total 25 31 17 73 days

∴ Legal due date = 17th September

∴ Nominal due date = 17 – 3 = 14th September

Date of drawing bill = 14th April.

∴ Period of bill from drawing date is of 5 months.

Concept: Discount
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Chapter 1: Commission, Brokerage and Discount - Exercise 1.2 [Page 11]

#### APPEARS IN

Balbharati Mathematics and Statistics 2 (Commerce) 12th Standard HSC Maharashtra State Board
Chapter 1 Commission, Brokerage and Discount
Exercise 1.2 | Q 11 | Page 11
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