6. Find the interest on 7000 at 61/2% per annum for 292 days
And the answers given in my book is 364 .
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Answer:
Principal = € 7000
Rate = € 61/2= € 30.5
Time = 292 days = 292/365 year
formula for calculating the interest = P×R×T/100
interest = (7000×30.5×292) / (365×100)
= 62342000/36500
= 623420/365
= 1708
amount = 7000+1708
= 8708
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