8 Find the interest on a deposit of 3650 from 3 January 2016 at the rate of 10% p.a. up to 17 march 2016. Please tell me the correct answer.
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Given:
Principal (P)= ₹ 3650
Rate(R) = 10% per annum
Number of days from Jan 3, 2016 to Mar 17, 2016
Number of days in January 2016 from 3 January= 29 days
Number of days in February 2016= 29 days
Number of days in March up to 17= 17 days
Total number of days= 29+29+17= 75days
Time period(T) = 75/365 years
Interest = (P×R×T)/100
Interest= (3650×10×75)/(365×100)
Interest= ₹ 75
Hence, the Interest is = ₹75
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