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WAEC Commerce 1995 Question 33

Question 33

Banking

Selling a bill at less than the face value for immediate cash before the due date is to

  1. A.retire the bill
  2. B.honour the bill
  3. C.discount the bill
  4. D.protest the bill
  5. E.withdraw the bill
Show the answer and explanation

Answer: C (discount the bill)

Explanation

Discounting a bill means selling it before maturity for less than its face value.