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A banker's paid 5767.50 for a bill of Rs. 5840, drawn on April 4 at 6 months. On what day was the bill discounted the rate of interest being 7% ?
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- 3rd Aug.
- 4th Aug.
- 3rd Sep.
- 3rd July
Correct Option: A
B.D. = Rs. (5840 - 5767.20) = Rs. 72.80
Rs. 72.80 is S.I. on Rs. 5840 at 7%
So, Unexpired time = (100 x 72.80) / (7 x 5840) = 13/73 years = 65 days.
Now, date of draw o bill = April, 4 at 6 months.
Nominally due date = October 4.
Legally due date = October 7
So, we must go back 65 days from October 7.
Oct., sept., Aug. = 7 + 30 + 28
i.e., The bill was discounted on 3rd August.
