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What is the maturity value of a bill of $1000 with a Banker's Discount of $20 fo

Practice Questions

Q1
What is the maturity value of a bill of $1000 with a Banker's Discount of $20 for 3 months?
  1. $980
  2. $1000
  3. $1020
  4. $1040

Questions & Step-by-Step Solutions

What is the maturity value of a bill of $1000 with a Banker's Discount of $20 for 3 months?
Correct Answer: $1020
  • Step 1: Identify the principal amount of the bill, which is $1000.
  • Step 2: Identify the Banker's Discount (BD), which is $20.
  • Step 3: Calculate the maturity value by adding the principal amount and the Banker's Discount.
  • Step 4: Maturity Value = Principal + Banker's Discount = $1000 + $20.
  • Step 5: The result is $1020, which is the maturity value of the bill.
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