Concept:Discounting a bill means converting it into cash before its maturity date.Explanation:A bill of exchange has a fixed maturity date, but the holder may need money earlier.In that case, the holder can approach a financial institution or discount house.The institution pays the holder an amount less than the bill's face value, known as the discounted value.This discounted amount is calculated after deducting a discount or interest from the face value for the unexpired period.Answer:C. the discounted value