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  1. The holder of a bill for Rs. 17850 nominally due on 21st May, 1991 received Rs. 357 less than the amount of the bill by having it discounted at 5%. When was it discounted ?
    1. December 29, 1990
    2. December 30, 1989
    3. December 19, 1990
    4. None of these
Correct Option: A

Clearly S.I. on Rs. 17850 at 5% is Rs. 357.
∴ Time = (100 x 357) / (17850 x 5) = 2/5 = 146 days
So, the bill is 146 days prior to 24th May, the legally due date
May, April, March, Feb., Jan.,Dec.,
= 24 + 30 + 31 + 28 + 31 + 2 = 146 days
So, the bill was discounted on 29 Dec. 1990.



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