6.Find the simple interest on ₹6000 from 16 May 2010 to 9 October 2010 at 10% per
annum.
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Answer: Rs.240
Principal amount (P) = Rs.6000
Rate (R) = 10% p.a.
Time (T)
= 16 May 2010 to 9 October 2010
= (May 15 days) + (June 30 days) + (July 31 days) + (Aug 31 days) +(Sep 30 days) + (Oct 9 days)
= 15+30+31+31+30+9
= 146 days
= 146/365 =2/5 Years
Simple Interest
= PRT/ 100
= [6000 × 10 × (2/5)] / 100
= Rs.240
Remark : The day on which money is deposited is not counted while the day on which money is withdrawn is counted.
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