[Rs. 60] A bill for Rs. 3000 is drawn on 14th July at 5 months. It is discounted on 5th October at 10%. What

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A bill for Rs. 3000 is drawn on 14th July at 5 months. It is discounted on 5th October at 10%. What is the Bankers Discount?

Rs. 60

Rs. 82

Rs. 90

Rs. 120

Explanation:

F = Rs. 3000

R = 10%

Date on which the bill is drawn = 14th July at 5 months

Nominally Due Date = 14th December

Legally Due Date = 14th December + 3 days = 17th December

Date on which the bill is discounted = 5th October

Unexpired Time

= [6th to 31st of October] + [30 Days in November] + [1st to 17th of December]

= 26 + 30 + 17 = 73 Days

$= \dfrac{73}{365}$year = $\dfrac{1}{5}$year

BD = Simple Interest on the face value of the bill for unexpired time

$= \dfrac{FTR}{100} = \dfrac{ 3000 \times \dfrac{1}{5} \times 10}{100}$

$= 30 \times \dfrac{1}{5} \times 10$= Rs.60

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