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The holder of a bill for ₹17850 nominally due on May 21, 1991 received ₹357 less than the amount of the bill by having it discounted at 5 %. When was it discounted?
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- Dec 29, 1990
- Dec 30, 1989
- Dec 19, 1990
- Dec 20, 1995
- None of these
Correct Option: A
Here , Amount = ₹17850 , Rate = 5% ,
S.I. on ₹17850 at 5% is ₹357.
| ∴ Time = | S.I. x 100 |
| Amount x Rate |
| Time = |  | 100 × 357 |  | = | 2 | Year = 146 Days |
| 17850 × 5 | 5 |
So, the bill is 146 days prior to May 24, the legally due date.
Sum of the number of Days ( May + April + March + Feb. + Jan. + Dec. ) = 24 + 30 + 31 + 28 + 31 + 2 = 146 days So, the bill was discounted on Dec 29, 1990.
