To find the present value of the bill on April 6, we need to calculate the discount amount first.
Discount amount = Original amount * Discount rate
Discount amount = $700 * 0.12
Discount amount = $84
Now, we need to subtract the discount amount from the original amount to find the present value:
Present value = Original amount - Discount amount
Present value = $700 - $84
Present value = $616
Therefore, the value of the bill on April 6, discounted at a rate of 12%, is $616.
