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Question
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.
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.
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