A bill for Rs.5656 is drawn on July, 14 at 5 months. It is discounted on October 5th at 5%. Find the

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11 Nov 2015 Banker's Discount

A bill for Rs.5656 is drawn on July, 14 at 5 months. It is discounted on October 5th at 5%. Find the money that the holder of the bill receives.

OPtion

1) 5589.65
2) 5568.88
3) 5556.56
4) 5686.86
5) 5678.67
6) 5599.44
7) 5579.47
8) 5689.66
9) 5688.44
10)None of these

Solution

Face value of the bill = Rs.5656
Date on which the bill was drawn = July, 14th at 5 months
Nominally due date = December, 14th
Legally due date = December, 17th
Date on which the bill was discounted October, 5th
Period for which the bill has yet to run
Oct, Nov, Dec.
26+30+17 days or 1/5 years

Note----------------
BD (Banker Discount) = SI on Rs.5656 for 1/5 years at 5%
= Rs.(5656*1*5 / 100*5) = Rs.56.56
TD(True Discount) = Rs.(5656*5*(1/5) / 100+(5*1/5) = Rs.56
BG(Banker Gain) = BD - TD = 56 Paise
-----------------

Money received by the holder of the bill
Rs.(5656-56.56) = Rs.5599.44
Option 6)

Correct Option: 6 Best Solution (6)

RAHUL KUMAR   9 years AGO

Face value of the bill = Rs. 5656.
Date on which the bill was drawn =
July 14 at 5 months. Nominally due
date = December 14.
Legally due date = December 17.
Date on which the bill was discounted
= October 5.
Unexpired time : Oct.
Nov. Dec.
26 +
30 + 17 = 73 days =1/
5Years
B.D. = S.I. on Rs. 5656 for 1/5 year
= Rs. (5656 x 5 x1/5 x1/100)= Rs. 56.56
Money received by the holder of the
bill = Rs. (5656 - 56.56) = Rs. 5599.44.

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aditya vasudeva   9 years AGO

face value of the bill = Rs. 5656
Date on which the bill was withdrawn = july 2014 at 5 months
Nominal due date = December 14 , Legally Due Date = December 17
Date on which bill was discounted = 5 october
Unexpired Time = oct (26 days) + Nov(30) + Dec(17) = 73 days = 1/5year.
BD = SI on 5656 = 5656 * 15 *5 * 1/100 = 56.56
Money that holder recieved = 5656 - 56.56 = 5599.44

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Jaikumar Bhatia   9 years AGO

F=Face value=5656
R=Rate of interest=5%

Date on which bill is drawn =14th july@5months
Nominal due date =14th december
legally due date =17th december

Date on which bill is discounted=5th oct

Time for which the bill has yet to run...Oct,Nov,Dec
=[6th to 31st Oct]+[30 days of nov]+[1st to 17th of Dec]
=26+30+17
=73days
=73/365 years
=1/5 year

T=Unexpired time=1/5 year

Banker's Discount=BD=Simple Interest on the face value
of the bill for unexpired time
=FTR/100
={5656*(1/5)*5}/100
B.D.=56.56

Amount of bill received=F-B.D.
=5656-56.56
=5599.44
so ans is 5599.44

and option is (6)

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RANJAN FADIA   9 years AGO

value of the bill = Rs. 5656
bill was drawn = July 14 at 5 months.
due date = December 14.
Legally due date = December 17.
Date on which the bill was discounted = October 5.
Unexpired time : Oct. Nov. Dec.
=>26 + 30 + 17 = 73 days
=1/ 5Years
B.D. = S.I. on Rs. 5656 for 1/5 year
= Rs. (5656x 5 x1/5 x1/100)= 56.56
Money received by the holder of the bill = Rs. (5656-56.56) = Rs.5599.44

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Bhaskar Karmakar   9 years AGO

For every month the amount is 5656/5=1131•2. Due to discount the October's amount is reduced by ₹56.56(1131.2*5%). For the other months the amount will be same. So the total amount is only reduced by ₹56.56. Then the amount comes to ₹5599.44.

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Arifa   9 years AGO

F= Rs-5656. R=5%. Nominal due date -14 december. Legally due date-17 DEC. Unexpected time due to the bill discounted on 5th Oct =26 days in oct+30 in nov+17 in dec=73 days.so. Banker discount=5656*(73/12*30)*5%=57.34. Money that the holder of the bill receives= Rs-5599.44. Ans option 6)

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