Question

if the interest of ₹ 292 in 1 day be 1 paise, then let us write by calculating the rate of simple interest in percent per annum​.

Answer 1

Answer:

1.25% per annum

Step-by-step explanation:

if the interest of ₹ 292 in 1 day be 1 paise, then let us write by calculating the rate of simple interest in percent per annum​.

Let say interest rate per annum = n

Simple interest = P * r * t / 100

P = Rs 292

r = ?

t = 1/365 Year

Simple interest = 1 paisa = 1/100 Rs

(292 * r *  1/365)/100 = 1/100

=> 292 * r *  1/365  = 1

=> r = 365/292

=> r = (73 * 5)/(73*4)

=> r = 5/4

=> r = 1.25 % per annum

Answer 2

Answer:

Rate of interest = 1.25 %

Step-by-step explanation:

Given: Principal value = Rs. 292

          interest on Principal for 1 day = 1 paisa

To Prove: Rate

Formula we use to calculate Simple interest.

$Simple\:Interest=\frac{PRT}{100}$

Time should be in years. So we convert it into year

⇒ $T=\frac{1}{365}$

SI is also to be converted into Rupee.

SI = Rs. 0.01

using these values we get

$0.01=\frac{292\times R\times\frac{1}{365}}{100}$

$0.01=\frac{292\times R\times1}{100\times365}$

$292R=0.01\times36500$

$292R=365$

$R=\frac{365}{292}$

$R=1.25$  %

Therefore, Rate of interest = 1.25 %