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Question
A bill was drawn on 12th April for 3,500 and was discounted on 4th July at 5% p.a. If the banker paid 3,465 for the bill. Find period of the bill.
Solution
S.D. = 3500, C.V. = 3465
r = 5%
Now B.D. = S.D. – C.V.
= 3500 – 3465
= 35
Also `(B.D=S.Dxxnxxr)/100`
`35=(3500xxnxx5)/100`
`n=1/5"year"=365/5=73"days"`
The period for which the discount is deducted
is 73 days which is counted from the date of
discounting i.e., 4th July
|
July 27 |
Augus 31 |
September 15 |
Total 73 |
∴ The legal due date is 15 September. Hence
the period of the bill is from 12th April to 15
September i.e., 5 month.
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