[3rd August] A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest

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A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?

3rd March

3rd September

3rd October

3rd August

Explanation:

F = Rs.5840

R = 7%

BD = 5840 - 5767.20 = Rs.72.8

BD =$\dfrac{FTR}{100}$

=>72.8 = $\dfrac{5840 \times T \times 7}{100}$

=>T = $\dfrac{72.8 \times 100}{7 \times 5840} $= $\dfrac{10.4 \times 100}{5840}$

=$\dfrac{1040}{5840}$ = $\dfrac{104}{584}$= $\dfrac{13}{73}$ years

=$ \dfrac{13 \times 365}{73}$days= 65days

=> Unexpired Time = 65 days

Given that Date of Draw of the bill = 4^th April at 6 months

=> Nominally Due Date = 4^th October

=> Legally Due Date = [4^thOctober + 3 days] = 7^th October

Hence, The date on which the bill was discounted

= [7^th October - 65 days]

= [7^th October - 7 days in October - 30 days in September - 28 days in August]

= 3^rd August

Additional Questions

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The bankers discount and the true discount of a sum at 10% per annum simple interest for the same time are Rs.100 and Rs.80 respectively. What is the sum and the time?	Answer
A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?	Answer

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