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A bill for ₹ 10200 is drawn on July 14 at 5 months. It is discounted on 5th October at 10%. Find the banker's discount, true discount. banker's gain and the money that the holder of the bill receives ?
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- ₹ 204 , ₹ 200, ₹ 4 and ₹ 9996
- ₹ 100 , ₹ 200, ₹ 2 and ₹ 4989
- ₹ 121 , ₹ 172, ₹ 132 and ₹ 4046
- None of these
Correct Option: A
Face value of the bill = ₹ 10200
Date on which the bill was drawn = July 14 at 5 Months
Nominally due date = Dec. 14
Legally due date = Dec. 17
Date on which the bill was discounted = Oct. 05
Unexpired time
Oct.-26, Nov. - 30, Dec - 17 = 73 days = 73/365 yr = 1/5 yr
∴ BD = SI on ₹ 10200 for 1/5 yr
= (10200 x (10/100) x 1/5)
= ₹ 204
TD = [10200 x (1/5) x 10] / [100 + 10 x (1/5)]
= (10200 x 2)/102 = ₹ 200
BG = (BD) - (TD) = (204 - 200) = ₹ 4
Money received by the holder of the bill = ₹ (10200 - 204) = ₹ 9996
