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What is the banker's discount on a sum of $5000 due in 5 years at 8% per annum?

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Question: What is the banker\'s discount on a sum of $5000 due in 5 years at 8% per annum?

Options:

  1. $2000
  2. $1500
  3. $1000
  4. $800

Correct Answer: $1000

Solution: 

Banker\'s Discount = P × R × T / 100 = 5000 × 8 × 5 / 100 = $2000.

What is the banker's discount on a sum of $5000 due in 5 years at 8% per annum?

Practice Questions

Q1
What is the banker's discount on a sum of $5000 due in 5 years at 8% per annum?
  1. $2000
  2. $1500
  3. $1000
  4. $800

Questions & Step-by-Step Solutions

What is the banker's discount on a sum of $5000 due in 5 years at 8% per annum?
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