Arun and Anand were friends and in need of funds. On 1st Jan., Arun drew a bill for ₹2,00,000 for 3 months on Anand. On 4th Jan.
Understand the Problem
The question seems to involve a financial scenario where Arun draws a bill on Anand. It appears to be related to calculating financial aspects such as interest or repayment terms concerning the bill. However, the details are incomplete, and more information is needed to provide a full answer.
Answer
Arun got the bill discounted at 10% p.a. on 4th January.
On 4th January, Arun got the bill for ₹2,00,000 discounted at 10% per annum.
Answer for screen readers
On 4th January, Arun got the bill for ₹2,00,000 discounted at 10% per annum.
More Information
Discounting a bill means Arun received an amount less than ₹2,00,000 upfront from a financial institution, which keeps the difference as a charge for the service. The discount rate was 10% per annum, applied for the three-month period of the bill.
Tips
A common mistake includes not applying the annual discount rate appropriately to the specific time duration of the bill.
Sources
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