16. A bill for Rs.6000 is drawn on July 14 at 5 months . It is
discounted on 5th October at 10%.Find the bankers discount
true discount, bankers gain and the money that the holder of
the bill receives.
A.5680 B.5880
C.6860 D.5000
Answer:
Face value of the bill = Rs.6000
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 = 73days =1/5 years
B.D = S.I on Rs 6000 for 1/5 year
= Rs (6000 * 10 * 1/5 * 1/100) = Rs 120
T.D = Rs(6000 * 10 *1/5)/(100 + (10 * 1/5))
= Rs. 117.64
B.G = (B.D) -(T.D)
= Rs(120 -117.64)
= Rs 2.36
Money received by the holder of the bill
= Rs(6000 -120) = 5880
