A bill was drawn on March 8, at 7 months date and was discounted on May 18, at 5%. If the banker's g

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01 Jul 2016 The sum of the bill

A bill was drawn on March 8, at 7 months date and was discounted on May 18, at 5%. If the banker's gain is Rs.3, find the sum of the bill.

OPtion

1) 6250
2) 8450
3) 6950
4) 7450
5) 8150
6) 6850
7) 7400
8) 7650
9) 7950
10)None of these

Solution

Date on which the bill was drawn = March 8th, at 7 months.
Nominally due date = Oct., 8th
Legally due date = Oct., 11th
Date on which the bill was discounted = May, 18th
Time for which the bill has yet to run
May June July Aug. Sep. Oct.
13+30+31+31+30+11 = 146 days = 2/5 years
Now (i) Banker's gain = S.I. of T.D.
i.e., Rs.3 is S.I. on T.D. for 2/5 years at 5%
=> T.D. = Rs. 100*3 / 5*(2/5) = Rs.150.
B.D. = T.D.+S.I. on T.D.
= Rs.150 + S.I. of Rs.150 for 2/5 years at 5%
= Rs.150 + Rs.150 * 2/5 * 5/100 = Rs.153
Therefor the sum of the bill
Sum = B.D.*T.D. / B.D.-T.D.
= Rs. 153*150 / 153-150 = Rs.7650
Option 8)

Correct Option: 8 Best Solution (1)

T.Bhargav saikumar Reddy   8 years AGO

B.D.*T.D.
sum= ------------------=153*150/153-150=7650
B.D.-T.D

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