Paper 4: Fundamentals of Business Mathematics & Statistic

1.36 I FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

Arithmetic

∴ Average number of days = ` 11,33,000/` 20,000 = 57 days (approx.)

The average due date will be May 10+57 days, i.e., July 6.

Due date of the new bills = Sept. 1 and Nov. 1.

Calculation for interest @ 10% p.a. on—

`

` 12,000 from July 6 to Sept. 1 i.e., for 57 days = ` 12,000 ×100 36510 57× = 187

` 8,000 from July 6 to Nov. 1. i.e., for 118 days = ` 8,000 ×100 36510 118× = 259

20,000 446

Therefore, amount of second bill will be ` 8,000 for the principal + ` 446 for interest = ` 8,446.