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Question
A bill of ₹ 2,000 drawn on 15th February 2003 for 10 months was discounted on 13th May 2003 at `3 3/4` % p.a. Calculate the banker's discount.
Solution
F. V. of the bill = ₹ 2000
r = `3 1/4 % = 15/4 %`
Date of drawing= 15th February 2003
Period of bill = 10 months
Nominal due date = 15th December 2003
Legal due date = 18th december 2003
Date of discount = 13th may 2003
∴ Number of days from the date of discounting u~to the legal due date
| May | June | July | Aug. | Sept | Oct | Nov | Dec | Total |
| 18 | 30 | 31 | 31 | 30 | 31 | 30 | 18 | 219 |
Period n = `219/365` years = `3/5` years
B.D. = Interest on F.V. for 219 days at `3 3/4` % p.a.
`= (2000 xx 219/365 xx 15/4)/100`
`= (2000 xx 3/5 xx 15/4)/100`
= 45
∴ Banker's discount is ₹ 45.
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