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1.	A bill for Rs 2725.25 was drawn on 03-06-2010 and made payable 3 months after due date. It was discounted on 15-6-2010 at 16% per annum. What is the discounted value of the bill and how much did the banker gain?
Answer» Given F = 2725.25, r = 0.16, DV = ?, BG = ?, DD = 03-6-2010, BP = 3 months ∴ L.D.D = DD + BD + 3days = 6-9-2010. t = No. of days from 15^th June to 6^th Sept = June + July + August + September = 15 +31 +31 + 6 = 83 days = \(\frac{83}{365}\) years Discounted value = F (1 – tr) = 2725.25 (1 – \(\frac{83}{365}\) × 0.16) = 2725.25 (1 – 0.036) DV = 2627.14 BD = F – Discounted value = 2725.25 – 2627.14 = 98.10 TD = \(\frac{BD}{1 + tr}\) = \(\frac{98.10}{1.036}\) = 94.69 BG = BD – TD = 98.10 – 94.69 = 3.41

A bill for Rs 2725.25 was drawn on 03-06-2010 and made payable 3 months after due date. It was discounted on 15-6-2010 at 16% per annum. What is the discounted value of the bill and how much did the banker gain?

Answer»

Given F = 2725.25, r = 0.16, DV = ?, BG = ?, DD = 03-6-2010, BP

= 3 months

∴ L.D.D = DD + BD + 3days

= 6-9-2010.

t = No. of days from 15^th June to 6^th Sept = June + July + August + September

= 15 +31 +31 + 6 = 83 days = \(\frac{83}{365}\) years

Discounted value = F (1 – tr)

= 2725.25 (1 – \(\frac{83}{365}\) × 0.16) = 2725.25 (1 – 0.036)

DV = 2627.14

BD = F – Discounted value = 2725.25 – 2627.14 = 98.10

TD = \(\frac{BD}{1 + tr}\) = \(\frac{98.10}{1.036}\) = 94.69

BG = BD – TD = 98.10 – 94.69 = 3.41

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