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A bill of Rs 1,800 drawn on 10th September 2010 at 6 months was discounted for Rs 1,782 at a bank. If the rate of interest was 5% per annum, on what date was the bill discounted?

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B.D = Face value - Amount received = 1800 - 1782 = Rs 18

i = 5 % = 0.05

Now, the bill was drawn on 10th September 2010 for 6 months, so legally due date is 13th March 2011. But the bill was encashed 73 days before 13th March 2011. 

Counting 73 days backwards, 13 days of March + 28 days of February + 31 days of January + 1 day of December 2010 = 73 days.

The bill was encashed on 31 – 1 i.e, 30th December 2010

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