Question

A bill was drawn on $12$th April for Rs $3,500$ and was discounted on $4$th July at $5\%$ p.a. If the banker paid Rs $3,465$ for the bill, find period of the bill.

Answer 1

We have $SD=3500,CV=3465$ and $r=5$%

$BD=SD-CV=3500-3465=35$

$\therefore$ We know $BD=\frac{SD\times n\times r}{100}$

$35=\frac{3500\times n\times 5}{100}$

$\therefore n=\frac{1}{5}$ year or $\frac{365}{5}=73$ days

The discount deduction period is $73$ days from $4^{th}$ July. Remaining days in July$=27$

So from $4^{th}$ of July $+(73-27)=46$ days

August has $31$ days, so from $4^{th}$ of July + whole of August$+(46-31)=15$ days. Next month is September. So the bill is due on ${15}^{th}$ September.

Bill period:${12}^{th}$ April-${15}^{th}$ September,

$5$ months