Question

One lakh rupees are deposited in Allahabad Bank at interest of 5% per annum. What interest accrued thereon after a lapse of 26 days​

Answer 1

Given : One lakh rupees are deposited in Allahabad Bank at interest of 5% per annum.

To Find : interest accrued thereon after a lapse of 26 days​

Solution:

P = 100000

R = 5 % per annum

T = 26 days = 26/365  year

SI = P * R * T /100

=  100000 * 5 * (26/365)  /100

= 1000 * 26/ 73

= 26000/73

= 356.16

interest accrued = Rs  356.16

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