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The banker's gain on a sum due 6 years hence at 12% per annum is Rs. 540. What is the banker's discount?
- a)1240
- b)1120
- c)1190
- d)1290
Correct answer is option 'D'. Can you explain this answer?
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The banker's gain on a sum due 6 years hence at 12% per annum is R...
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Solution:
Given:
Sum due = Rs. 540
Rate of interest = 12% per annum
Time = 6 years
To find:
Banker's discount
Banker's Discount:
Banker's discount is the interest charged by a banker for the period between the present date and the maturity date of a bill or a promissory note.
Formula:
Banker's discount = (Sum due * Rate of interest * Time) / (100 + (Rate of interest * Time))
Calculation:
Substituting the given values into the formula, we get:
Banker's discount = (540 * 12 * 6) / (100 + (12 * 6))
Simplifying further, we get:
Banker's discount = (540 * 72) / (100 + 72)
Banker's discount = (38880) / (172)
Banker's discount = Rs. 226.0465 (approx)
Therefore, the banker's discount is approximately Rs. 226.0465.
Conclusion:
The banker's discount for a sum due 6 years hence at 12% per annum is approximately Rs. 226.0465.
Given:
Sum due = Rs. 540
Rate of interest = 12% per annum
Time = 6 years
To find:
Banker's discount
Banker's Discount:
Banker's discount is the interest charged by a banker for the period between the present date and the maturity date of a bill or a promissory note.
Formula:
Banker's discount = (Sum due * Rate of interest * Time) / (100 + (Rate of interest * Time))
Calculation:
Substituting the given values into the formula, we get:
Banker's discount = (540 * 12 * 6) / (100 + (12 * 6))
Simplifying further, we get:
Banker's discount = (540 * 72) / (100 + 72)
Banker's discount = (38880) / (172)
Banker's discount = Rs. 226.0465 (approx)
Therefore, the banker's discount is approximately Rs. 226.0465.
Conclusion:
The banker's discount for a sum due 6 years hence at 12% per annum is approximately Rs. 226.0465.
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