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A bill of Rs. 5000 is due in 6 months. What is the bankers' discount at the rate
A bill of Rs. 5000 is due in 6 months. What is the bankers' discount at the rate of 10% per annum?
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Practice Questions
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Q1
A bill of Rs. 5000 is due in 6 months. What is the bankers' discount at the rate of 10% per annum?
Rs. 250
Rs. 300
Rs. 500
Rs. 600
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Bankers' Discount = (Principal × Rate × Time) / 100 = (5000 × 10 × 0.5) / 100 = Rs. 250.
Questions & Step-by-step Solutions
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Q
Q: A bill of Rs. 5000 is due in 6 months. What is the bankers' discount at the rate of 10% per annum?
Solution:
Bankers' Discount = (Principal × Rate × Time) / 100 = (5000 × 10 × 0.5) / 100 = Rs. 250.
Steps: 7
Show Steps
Step 1: Identify the principal amount, which is Rs. 5000.
Step 2: Identify the rate of interest, which is 10% per annum.
Step 3: Identify the time period in years. Since the bill is due in 6 months, convert this to years: 6 months = 0.5 years.
Step 4: Use the formula for Bankers' Discount: Bankers' Discount = (Principal × Rate × Time) / 100.
Step 5: Substitute the values into the formula: Bankers' Discount = (5000 × 10 × 0.5) / 100.
Step 6: Calculate the result: (5000 × 10 × 0.5) = 25000, then divide by 100 to get 250.
Step 7: The Bankers' Discount is Rs. 250.
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