The holder of a bill for Rs. 17850 nominally | vedclass

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(A) The discount amount is $Rs. 357$ on a bill of $Rs. 17850$ at a rate of $5 \%$ per annum.Using the formula for Simple Interest (Discount): $Discoun

Vedclass · Accepted Answer

$Dec 29, 1990$

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(A) The discount amount is $Rs. 357$ on a bill of $Rs. 17850$ at a rate of $5 \%$ per annum.Using the formula for Simple Interest (Discount): $Discount = \frac{P 	imes R 	imes T}{100}$.$357 = \frac{17850 	imes 5 	imes T}{100}$.$T = \frac{357 	imes 100}{17850 	imes 5} = \frac{35700}{89250} = 0.4$ years.Converting years to days: $0.4 	imes 365 = 146$ days.The bill is due on $May 21, 1991$. Adding $3$ days of grace,the legally due date is $May 24, 1991$.Counting back $146$ days from $May 24, 1991$:$May: 24$ days$April: 30$ days$March: 31$ days$February: 28$ days$January: 31$ daysSum so far: $24+30+31+28+31 = 144$ days.To reach $146$ days,we need $2$ more days from December $1990$. Counting back from the end of December ($31$st),$31 - 2 = 29$.Thus,the bill was discounted on $Dec 29, 1990$.

The holder of a bill for $Rs. 17850$ nominally due on $May 21, 1991$ received $Rs. 357$ less than the amount of the bill by having it discounted at $5 \%$. When was it discounted?

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