A bill of Rs. $60, 000$ payable $10$ months after date was discounted for Rs. $57, 300$ on 30 $^{t h}$ June, 2007. If the rate of interest was $11 \frac{1}{4} %$ per annum, on what date was the bill drawn?

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Solution

$J u l y$ $A u g u s t$ $S e p t e m b e r$ $O c t o b e r$ $N o v e m b e r$ $T o t a l$
$31$ $31$ $30$ $31$ $23$ $146$
$F V = R s 60000$ $C V = R s 57, 300$ $r = 11 \frac{1}{4} % p . a$
Period of bill $= 10 m o n t h s$
Date of discontinuity $= 30^{t h} j u n e 2007$

$B D = F V - C V = 60000 - 57300 = 2700$
$B D = \frac{F V \times n \times r}{100}$
$2700 = \frac{60000 \times n \times 45}{100 \times 4}$

$∴ n = \frac{2}{5} y e a r s = \frac{2}{5} \times 365 = 146 d a y s$
$L e g a l d u e d a t e = D a t e o f d i s c o u n t + 146$

Referring to the Table given above,
$L e g a l d u e d a t e = 23^{r d} N o v$
$N o m i n a l d u e d a t e = 20^{t h} N o v$
$D a t e o f d r a w i n g = 20^{t h} j a n u a r y 2007$

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$J u l y$	$A u g u s t$	$S e p t e m b e r$	$O c t o b e r$	$N o v e m b e r$	$T o t a l$
$31$	$31$	$30$	$31$	$23$	$146$

A bill of Rs.60,000 payable 10 months after date was discounted for Rs.57,300 on 30th June, 2007. If the rate of interest was 1114% per annum, on what date was the bill drawn?

A bill of Rs. $60, 000$ payable $10$ months after date was discounted for Rs. $57, 300$ on 30 $^{t h}$ June, 2007. If the rate of interest was $11 \frac{1}{4} %$ per annum, on what date was the bill drawn?