A banker paid Rs. 5767.20 for a bill of Rs. 5840, drawn

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A banker paid Rs. 5767.20 for a bill of Rs. 5840, drawn of April 4 at 6 months. If the rate of interest was 7 %, what was the day on which the bill was discounted?

1. 3^rd March
2. 3^rd September
3. 3^rd October
4. 3^rd August

Correct Option: D

As per given question,
Face Value F = 5840
Banker discount BD = Face Value - Paid by banker = 5840 - 5767.20 = 72.8
Rate of interest = 7 %
As we know the formula,

BD =	F x T x R
	100

⇒ 72.8 =	5840 × T × 7
	100

⇒ T = 13 ×	365	days = 65 days
	73

⇒ Unexpired Time = 65 days
⇒ Given that Date of Draw of the bill = 4^th April at 6 months ⇒ 4^th October
⇒ Legally Due Date = (4^th October + 3 days) = 7^th October
Hence, The date on which the bill was discounted
= (7^th October − 65 days) = 3^rdAugust