Bank Discount Time
1. **State the problem:** Joshua borrowed RM10,000 for $t$ days with a bank discount rate of 3.93% per year and received RM9,836.25. We need to find the value of $t$ in days.
2. **Formula used:** The bank discount formula is given by:
$$\text{Proceeds} = \text{Face Value} - \text{Bank Discount}$$
where
$$\text{Bank Discount} = \text{Face Value} \times \text{Discount Rate} \times \frac{t}{360}$$
3. **Identify known values:**
- Face Value = 10,000
- Proceeds = 9,836.25
- Discount Rate = 3.93% = 0.0393 (annual rate)
- $t$ = number of days (unknown)
4. **Set up the equation:**
$$9,836.25 = 10,000 - 10,000 \times 0.0393 \times \frac{t}{360}$$
5. **Simplify the equation:**
$$9,836.25 = 10,000 - 10,000 \times 0.0393 \times \frac{t}{360}$$
$$10,000 - 9,836.25 = 10,000 \times 0.0393 \times \frac{t}{360}$$
$$163.75 = 10,000 \times 0.0393 \times \frac{t}{360}$$
6. **Solve for $t$:**
$$163.75 = 393 \times \frac{t}{360}$$
$$\frac{163.75 \times 360}{393} = t$$
$$t = \frac{58,950}{393} \approx 150$$
7. **Final answer:**
Joshua borrowed the money for approximately **150 days**.