Question

find the interest on deposit of 3650 from 3 January 2016 at the rate of 10% p.a up to 17 March 2016

Answer 1

Questioñ:

Find the interest on deposit of ₹3650 from 3 January 2016 at the rate of 10% pa up to 17 March 2016.

Solutioñ:

Given:

Principal (P)= ₹ 3650

Rate(R) = 10% per annum

We know,

Number of days in February 2016 =29

Number of days in March up to 17=17

So,

Total number of days= 29+29+17= 75

Time period(T) = 75/365 years

Interest = (P×R×T)/100

Interest= (3650×10×75)/(365×100)

Interest= ₹ 75

Therefore,

The Interest is ₹75

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