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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 Banker's Discount?
- a)Rs. 60
- b)Rs. 82
- c)Rs. 90
- d)Rs. 120
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
A bill for Rs. 3000 is drawn on 14th July at 5 months. It is discounte...
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
Most Upvoted Answer
A bill for Rs. 3000 is drawn on 14th July at 5 months. It is discounte...
Given:
- Bill amount: Rs. 3000
- Date of drawing the bill: 14th July
- Time period: 5 months
- Discount rate: 10%
- Discounted date: 5th October
To find:
- Banker's discount
Solution:
To find the Banker's discount, we need to calculate the discount first.
Step 1: Calculate the discount:
Discount = Bill amount * Discount rate
= Rs. 3000 * 10/100
= Rs. 300
Step 2: Calculate the time period:
The bill is drawn on 14th July and discounted on 5th October. To calculate the time period, we count the number of days from 14th July to 5th October.
Months between July and October = 2 (July, August)
Days in July = 31 - 14 = 17
Days in October = 5
Total days = (2 * 30) + 17 + 5 = 82
Step 3: Calculate the Banker's discount:
Banker's discount = (Discount * Time period) / (365 days)
= (300 * 82) / 365
= Rs. 67.397
Since the answer choices are in whole numbers, we need to round off the Banker's discount to the nearest whole number.
Step 4: Round off the Banker's discount:
Rounded Banker's discount = Rs. 67
Therefore, the Banker's discount is Rs. 67, which is not among the given answer choices.
It seems there might be a mistake in the calculation or the answer choices provided. Without further clarification, it is difficult to determine the correct Banker's discount.
- Bill amount: Rs. 3000
- Date of drawing the bill: 14th July
- Time period: 5 months
- Discount rate: 10%
- Discounted date: 5th October
To find:
- Banker's discount
Solution:
To find the Banker's discount, we need to calculate the discount first.
Step 1: Calculate the discount:
Discount = Bill amount * Discount rate
= Rs. 3000 * 10/100
= Rs. 300
Step 2: Calculate the time period:
The bill is drawn on 14th July and discounted on 5th October. To calculate the time period, we count the number of days from 14th July to 5th October.
Months between July and October = 2 (July, August)
Days in July = 31 - 14 = 17
Days in October = 5
Total days = (2 * 30) + 17 + 5 = 82
Step 3: Calculate the Banker's discount:
Banker's discount = (Discount * Time period) / (365 days)
= (300 * 82) / 365
= Rs. 67.397
Since the answer choices are in whole numbers, we need to round off the Banker's discount to the nearest whole number.
Step 4: Round off the Banker's discount:
Rounded Banker's discount = Rs. 67
Therefore, the Banker's discount is Rs. 67, which is not among the given answer choices.
It seems there might be a mistake in the calculation or the answer choices provided. Without further clarification, it is difficult to determine the correct Banker's discount.
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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 Banker's Discount?a)Rs. 60b)Rs. 82c)Rs. 90d)Rs. 120Correct answer is option 'A'. Can you explain this answer?
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