Question

ragini depisited rs 2400 in a bank 11 January 0f 2012 and was repaid on 6 june 2012 at the rate of simple interest 7(1/2)% find her interest and amount

Answer 1

Total number of days for which the amount remain deposited:

Jan = 21

Feb = 29 (leap year)

Mar = 31

Apr = 30

May = 31

June = 5

So, total days = 147 days

Interest = 2400 * 7.5% * 147 / 366 = 72.295

Amount = 2400 + 72.295 = 2472.295

Answer 2

Ragini will get an interest of Rupees 72.493 and total amount of Rupees 2,472.493, upon maturity of deposit.

Amount deposited by Ragini in bank = 2,400.00

Date of deposit:  11-January-2012

Date of repayment by bank: 6-June-2012

Total number of days:  147

Rate of interest:  7.5%

Annual interest: 2,400.00 x 7.5/100 = 180.00

Interest per day: 180/365 = 0.493

Interest for 147 days:   147 days x Rupees 0.493 = 72.493

Total Amount:   2,400 + 72.493 = 2,472.493