Bills of Exchange and Discount

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Multiple Choice

On 1.3.2006 X draws a bill on Y for 3 months for Rs20,000. On 4.5.2006, Y pays the bill to X at 12% discount. The amount of discount will be __________.

  1. Rs. 200
  2. Rs. 400
  3. Rs. 600
  4. Rs. 100
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