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If the bankers' discount on a bill is Rs. 400 and the time is 1 year at a rate o
If the bankers' discount on a bill is Rs. 400 and the time is 1 year at a rate of 8% per annum, what is the face value of the bill?
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Practice Questions
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If the bankers' discount on a bill is Rs. 400 and the time is 1 year at a rate of 8% per annum, what is the face value of the bill?
Rs. 5000
Rs. 6000
Rs. 7000
Rs. 8000
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Face Value = BD / (Rate × Time) = 400 / (0.08 × 1) = Rs. 5000.
Questions & Step-by-step Solutions
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Q
Q: If the bankers' discount on a bill is Rs. 400 and the time is 1 year at a rate of 8% per annum, what is the face value of the bill?
Solution:
Face Value = BD / (Rate × Time) = 400 / (0.08 × 1) = Rs. 5000.
Steps: 9
Show Steps
Step 1: Understand that the bankers' discount (BD) is Rs. 400.
Step 2: Know that the time is 1 year.
Step 3: The rate of interest is 8% per annum, which can be written as 0.08 in decimal form.
Step 4: Use the formula to find the face value of the bill: Face Value = BD / (Rate × Time).
Step 5: Substitute the values into the formula: Face Value = 400 / (0.08 × 1).
Step 6: Calculate the denominator: 0.08 × 1 = 0.08.
Step 7: Now divide 400 by 0.08: Face Value = 400 / 0.08.
Step 8: Perform the division: 400 / 0.08 = 5000.
Step 9: Conclude that the face value of the bill is Rs. 5000.
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