let us determine the interest on Rs 2000 at the rate of simple interest of 6% per annum from 1st January to 26th May, 2005
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Given : Rs 2000 at the rate of simple interest of 6% per annum from 1st January to 26th May, 2005
To Find : Interest
Solution :
1st January to 26th May
January - 31
February - 28 (2005 is not leap year)
Marc - 31
April - 30
May - 26
= 31 + 28 + 31 + 30 + 26
= 146
Number of Days in Year = 365
146 Days = 146/365 = 2/5 = 0.4 Years
SI = P * R * T /100
P = 2000
R = 6 %
T = 0.4
SI = 2000 * 6 * 0.4 /100
= 48
Rs 48
Interest on Rs 2000 at the rate of simple interest of 6% per annum from 1st January to 26th May, 2005 = Rs 48
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