Find the interest on a deposit of rupees 3650 from 3 January 2006 at the rate of 10% per annum of to 17 March 2016
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Answer:
Jan 3 to Feb 2: 31 days
Feb 3 to Mar 2: 28 days
Mar 3 to Mar 17: 15 days
31 + 28 + 15 = 74 days
Assuming once-yearly compounding:
3650(1 + 0.1)^(74/365) = 3721.21537...
...or Rs 3,721.22 as an ending balance. Then the interest earned is:
Rs 3,721.22 - Rs 3,650 = Rs 72.22
interest earned, under the above-stated assumptions:
72.22 rupees
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